HomeMy WebLinkAboutIR 9979 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9979
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To the Mayor and Members of the City Council January 24, 2017
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SUBJECT: NOVEMBER 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 2017. 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 November 2016
(Fiscal Year 2017, Period 2) collection results on January 11th. 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.
NOVEMBER NET SALES TAX COLLECTIONS (10-YEAR HISTORY
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FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
The City's net sales tax collection is up $1,427,718 or 14.2%, compared to the same month last year.
As depicted in the table below, the City experienced $1,048,113 or a 10.3% increase when compared
to last year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
November 15 November 16 Variance ($) Variance (%)
Current Period Collections $10,191,686 $11,239,799 $1,048,113 10.3%
Other Collections' 88,627 495,087 406,460 458.6%
Audit Adjustments (39,149) (31,363) 7,786 19.9%
Service Fee (204,823) (234,070) (29,247) (14.3%)
Retainage 3,053 (2,343) (5,395) (176.7%)
Net Collections $10,039,392 $11,467,110 $1,427,718 14.2%Q
*OTHER COLLECTIONS ARE PAYMENTS ATTRIBUTED TO PRIOR PERIOD COLLECTIONS,FUTURE PERIOD COLLECTIONS AND UNIDENTIFIED COLLECTIONS.
FOR NOVEMBER 2016,OTHER COLLECTIONS WERE HIGH DUE TO PRIOR PERIOD&FUTURE PERIOD COLLECTIONS NUMBERS COMING IN HIGHER
COMPARED TO NOVEMBER OF 2015.
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
13.3% 14.3%
° 12.0%
10.6/° 10.2% 10.3%
5.1% 7.4%
3.8% ° 0 3.7%
1.5/°
0.1
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Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9979
To the Mayor and Members of the City Council January 24, 2017
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*a SUBJECT: NOVEMBER 2016 — SALES TAX UPDATE
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The City's General Fund sales tax collections year-to-date are 109% of the budget year-to-date, and
higher than 112% of the year-to-date total for the same period last year. The City's Crime Control and
Prevention District Fund (CCPD) sales tax collections year-to-date are 109% of the budget year-to-
date, higher than 113% of the year-to-date total for the same period last year
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
Current FY2016
Receipts Receipts
Budget as of Through Through
CITY OF FORT WORTH Period 2 Period 2 Period 2
GENERAL FUND $20,914,060 $22,852,992 $20,270,469
CRIME CONTROL AND PREVENTION DISTRICT 10,034,301 10,963,798 9,638,099
TOTAL $30,948,360 $33,816,790 $29,908,569
CITY OF FORT WORTH FISCAL YEAR COMPARISON — FY2017
Projected
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections M (%)
CITY OF FORT WORTH
GENERAL FUND $140,468,044 $140,468,044 $140,468,044 $0 0.0%
CRIME CONTROL AND PREVENTION DISTRICT $67,394,786 $67,394,786 $67,394,786 $0 0.0%
FORT WORTH TRANSPORTATION AUTHORITY $70,979,000 $70,979,000 $70,979,000 $0 0.0%
The City anticipates collecting $140,468,044 by fiscal year end, which matches original estimates in
the FY2017 adopted budget.
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9979
To the Mayor and Members of the City Council January 24, 2017
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*a SUBJECT: NOVEMBER 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
FY2017 vs. FY2016
City November
GARLAND 19.9%
MCKI NNEY 18.3%
GRAND PRAIRIE 14.6%
FORT WORTH 14.2%
AUSTI N 9.9%
FRISCO 9.9%
SAN ANTONIO 8.9%
DALLAS 8.0%
PLANO 5.0%
EL PASO 4.3%
ARLINGTON (1 .9%)
HOUSTON (5.0%)
RVI NG (5.8%)
STATE TOTAL (2.7%)
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9979
To the Mayor and Members of the City Council January 24, 2017
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*a SUBJECT: NOVEMBER 2016 — SALES TAX UPDATE
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SALES TAX REVENUE BY INDUSTRY THROUGH PERIOD 2
RETAIL TRADE,34% UTILITIES,11%
OTHER SERVICES(EXCEPT ,
MANUFACTURING, 10%
PUBLIC ADMINISTRATION),2%
CONSTRUCTION,2%_ WHOLESALE TRADE,10%
ADMINISTRATIVE,SUPPORT,
&WASTE MANAGEMENT AND
REMEDIATION SERVICES,2%
REAL ESTATE AND RENTAL
AND LEASING,3% -AA
PROFESSIONAL,SCIENTIFIC,-/ INFORMATION,
AND TECHNICAL SERVICES,5%
ALL OTHER,5%
ACCOMMODATION AND
FOOD SERVICES,9%
There are five industries that comprise the largest portion (74%) of the City's sales tax revenue in
FY2017 through period 2.
If you have any questions, please call Terry Hanson, Assistant Director of Budget and Analysis, at
817-392-7934.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS