HomeMy WebLinkAboutIR 9901 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9901
To the Mayor and Members of the City Council June 14, 2016
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SUBJECT: APRIL 2016 — SALES TAX UPDATE
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Sales tax revenue represents approximately twenty-two percent (22%) of the City's General Fund
anticipated revenue in Fiscal Year 2016. It is the second largest revenue source, with property tax
being the largest. In addition, sales tax revenue represents the largest revenue source in the Crime
Control and Prevention District Fund. Staff is committed to providing regular updates on this important
and sometimes volatile revenue source. The Texas Comptroller's Office posted April 2016 (Fiscal
Year 2016, Period 7) collection results on June 8t". Actual receipts are dependent upon the timeliness
and accuracy of sales tax payers' returns. This report provides Fort Worth's sales tax collection
compared to last year and the impact on the current year's budget.
APRIL NET SALES TAX COLLECTIONS (10-YEAR HISTORY
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FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
The City's net sales tax collection is up $62,133 or 0.6%, compared to the same month last year. As
depicted in the table below, the City experienced $154,777 or a 1.5% increase when compared to last
year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
April 16 April 16 Variance ($) Variance (%)
Current Period Collections $10,123,448 $10,278,225 $154,777 1.5%
Other Collections 184,110 184,914 804 0.4%
Audit Collections 150,558 49,308 (101,250) (67.2%)
Service Fee (209,162) (210,249) (1,087) (0.5%)
Retainage* 50,500 59,389 8,889 17.6%
Net Collections $10,299,453 $10,361,587 $62,133 0.6% }
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
13.3%
5.9°J° ° 5.1°J°
3.9% ° 3.8% 1.r,%
1.91°
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0.7% 0.9% 0 2%
May-15 Jun-15 Jul-15 Aug-15 Sep-15 Ort-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
(1.2)%
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9901
To the Mayor and Members of the City Council June 14, 2016
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*a SUBJECT: APRIL 2016 — SALES TAX UPDATE
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The City's Sales Tax collections year-to-date are around ±1% of the budget year-to-date, and are
slightly higher than 2% of the year-to-date total for the same period last year.
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
Current FY2015
Receipts Receipts
Budget as of Through Through
CITY OF FORT WORTH Period 7 Period 7 Period 7
GENERAL FUND $77,963,931 $78,510,352 $76,869,355
CRIME CONTROL AND PREVENTION DISTRICT 37,406,105 36,967,185 35,962,959
TOTAL $115,370,036 $115,477,536 $112,832,314
CITY OF FORT WORTH FISCAL YEAR COMPARISON — FY2016
Projected
Adopted Amended Fiscal Year Variance to Amended
Budget Budget Projections M (°/a)
CITY OF FORT WORTH
GENERAL FUND $135,065,427 $135,065,427 $135,065,427 $0 0.0%
CRIME CONTROL AND PREVENTION DISTRICT $64,802,679 $64,802,679 $64,802,679 $0 0.0%
FORT WORTH TRANSPORTATION AUTHORITY $67,857,000 $67,857,000 $67,857,000 $0 0.0%
The City anticipates collecting $135,065,427 in the General Fund and $64,802,679 in the Crime
Control and Prevention District Fund by fiscal year end, which matches original estimates in the
FY2016 adopted budget.
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9901
To the Mayor and Members of the City Council June 14, 2016
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*a SUBJECT: APRIL 2016 - SALES TAX UPDATE
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The chart below indicates how current year sales tax collections in Fort Worth and other select cities
in the state compare to FY2016 collections for the same period.
CITIES COMPARISON
FY2016 vs. FY2015
City 1 st Quarter 2nd Quarter April YTD
GARLAND 5.7% 33.2% 10.1 % 17.7%
GRAND PRAIRIE 6.7% 13.7% 1 .8% 8.9%
MCKI NNEY 6.4% 4.0% 7.8% 5.6%
AUSTI N 4.3% 4.6% 7.3% 4.8%
ARLINGTON 3.7% 4.2% (1 .5%) 3.1 %
DALLAS 2.2% 5.1 % 0.7% 3.2%
SAN ANTONIO 2.6% 2.1 % (4.0%) 1 .5%
FORT WORTH 2.0% 2.7% 0.6% 2.1 %
EL PASO 0.3% 3.2% 4.9% 2.1 %
1 RVI NG 1 .8% (6.4%) 20.5% 0.7%
PLANO (3.5%) (4.0%) (0.4%) (3.3%)
FRISCO (6.2%) (2.6%) (14.8%) (6.0%)
HOUSTON (5.7%) (4.8%) (1 .5%) (4.8%)
STATE TOTAL (3.3%) (3.1 %) 3.1 % (2.3%)
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9901
To the Mayor and Members of the City Council June 14, 2016
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*a SUBJECT: APRIL 2016 — SALES TAX UPDATE
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ADMINISTRATIVE
AND SUPPORT Sales Tax Revenue by Industry
AN D WASTE
MANAGEMENT Through Period 6
AND
REMEDIATION_ OTHER SERVICES ALL OTHER
SERVICES (EXCEPT PUBLIC 5%
2% REALESTATE' ADMINISTRATION)
AND RENTAL 2 -
AND LEASING_
PROFESSIONAL, 3%
SCIENTIFIC,AND
TECHNICAL SERVICES
2%
CONSTRUCTION_
4% RETAIL TRADE
4+
1
ACCOMMODATION
MANUFACTURING
8%
There are six industries that comprise the largest portion (78%) of the City's sales tax revenue in
FY2016 through period 6. The reporting by industry is released later and period 7 data is currently
not available.
Budget staff is currently preparing comparative historical trend analysis. This information will be
shared in future sales tax update IR's.
If you have any questions, please call Terry Hanson, Director of Budget, at 817-392-7934.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS