HomeMy WebLinkAboutIR 9997 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9997
To the Mayor and Members of the City Council March 21, 2017
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SUBJECT: JANUARY 2017 — 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 January 2017 (Fiscal
Year 2017, Period 4) collection results on March 8t", 2017. 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.
JANUARY 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 $1,045,456 or 10.8%, compared to the same month last year.
As depicted in the table below, the City experienced $1,113,474 or an 11.8% increase when
compared to last year's collections for the same month. Current period collections include only
transactions that occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
January 16 January 17 Variance($) Variance(%)
Current Period Collections $9,407,209 $10,520,682 $1,113,474 11.8% 4
Other Collections 137,695 215,349 77,654 56.4%
Audit Adjustments 228,409 129,354 (99,055) (43.4%)
Service Fee (195,466) (217,308) (21,841) 11.2%
Retainage 111,430 86,655 (24,775) (22.2%)
Net Collections $9,689,277 $10,734,733 $1,045,456 10.8% L(
*OTHER COLLECTIONS ARE PAYMENTS ATTRIBUTED TO PRIOR PERIOD COLLECTIONS,FUTURE PERIOD COLLECTIONS AND UNIDENTIFIED COLLECTIONS.
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
13.3% 14.3%
7.4% 10.6% 10.2% 12.0% 10.3% 11.8%
5.1%
3.7%
NINE 0.9%
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9997
To the Mayor and Members of the City Council March 21, 2017
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*a SUBJECT: JANUARY 2017 — SALES TAX UPDATE
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The City's General Fund sales tax collections year-to-date are 104% of the budget year-to-date, and
higher than 108% 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 104% of the budget year-to-
date, higher than 109% 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 4 Period 4 Period 4
GENERAL FUND $46,437,792 $48,498,339 $45,006,832
CRIME CONTROL AND PREVENTION DISTRICT 22,280,263 23,164,249 21,236,813
TOTAL $68,718,055 $71,662,588 $66,243,646
CITY OF FORT WORTH FISCAL YEAR COMPARISON — FY2017
P roj a cte d
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections ($) (°/a)
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. 9997
To the Mayor and Members of the City Council March 21, 2017
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*a SUBJECT: JANUARY 2017 - SALES TAX UPDATE
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The chart below indicates how current year sales tax net collections in Fort Worth and other select
cities in the state compare to FY2016 collections for the same period.
CITIES COMPARISON - NET COLLECTIONS
FY2017 vs. FY2016
City 1st Quarter January YTD
MCKINNEY 9.7% 32.9% 14.0%
PLANO 0.3% 11 .3% 2.7%
ARLINGTON 2.1% 11 .2% 4.2%
RVI NG 2.8% 11 .1 % 4.6%
FORT WORTH 6.9% 10.8% 7.8%
FRISCO 7.6% 7.9% 7.6%
GRAND PRAIRIE 11 .1 % 7.9% 10.4%
HOUSTON (5.8%) 6.5% (3.1%)
AUSTIN 4.5% 6.1% 4.8%
GARLAND 8.8% 5.8% 8.2%
SAN ANTONIO 1 .8% 4.7% 2.5%
EL PASO 3.9% 3.7% 3.8%
DALLAS 4.3% 2.6% 3.9%
STATE TOTAL 0.9% (0.2%) 0.6%
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9997
To the Mayor and Members of the City Council March 21, 2017
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*a SUBJECT: JANUARY 2017 — SALES TAX UPDATE
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SALES TAX REVENUE BY INDUSTRY FOR PERIOD 4
ACCOMMODATION AN ••D
TRANSPORTATION AND SERVICES,12%
WAREHOUSING,2%�
OTHER SERVICES(EXCEPT PUBLIC
ADMINISTRATION),2% WHOLESALE TRADE," 0'
ADMINISTRATIVE,SUPPORT,
WASTE MANAGEMENT AND
REMEDIATION SERVICES,3% /
REAL ESTATE AND RENTALANDJ
LEASING,3%
MANUFACTURING,9%
PROFESSIONAL, SCIENTIFIC,AND
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TECHNICAL SERVICES,3% UTILITIES,4% CONSTRUCTION, 5%
There are five industries that comprise the largest portion (77%) of the City's sales tax revenue in
FY2017 for period 4.
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