HomeMy WebLinkAboutIR 10004 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10004
To the Mayor and Members of the City Council May 2, 2017
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SUBJECT: FEBRUARY 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 February 2017 (Fiscal
Year 2017, Period 5) collection results on April 12th, 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.
FEBRUARY 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 $898,710 or 9.0%, compared to the same month last year. As
depicted in the table below, the City experienced $342,167 or a 3.4% increase when compared to last
year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
February 16 February 17 Variance ($)Variance (%)
Current Period Collections $10,108,311 $10,450,477 $342,167 3.4%
Other Collections 113,993 474,621 360,628 316.4%
Audit Adjustments (75,205) 135,480 210,684 280.1%
Service Fee (202,942) (221,212) (18,270) 9.0%
Retainage (7,326) (3,826) 3,500 (47.8%)
Net Collections $9,936,831 $10,835,541 $898,710 9.0%
"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
14.3%
12.0% 11.8%
7.4% 10.6% 10.2% 10Ic
3%
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6.1% 3.7%
1.5% 3.4%
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Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10004
To the Mayor and Members of the City Council May 2, 2017
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*a SUBJECT: FEBRUARY 2017 — SALES TAX UPDATE
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The City's General Fund sales tax collections year-to-date are 105% 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 105% 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 5 Period 5 Period 5
GENERAL FUND $56,255,052 $59,333,880 $54,943,663
CRIME CONTROL AND PREVENTION DISTRICT 26,990,461 28,352,440 25,954,814
TOTAL $83,245,513 $87,686,320 $80,898,476
CITY OF FORT WORTH FISCAL YEAR COMPARISON —FY2017
Projected
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections ($) (°/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. 10004
To the Mayor and Members of the City Council May 2, 2017
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*a SUBJECT: FEBRUARY 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 February YTD
PLANO 0.3% 11.3% 13.5% 4.5%
AUSTIN 4.5% 6.1% 12.5% 6.2%
FORT WORTH 6.9% 10.8% 9.0% 8.0%
FRISCO 7.6% 7.9% 8.8% 7.8%
DALLAS 4.3% 2.6% 7.3% 4.5%
MCKINNEY 9.7% 32.9% 6.6% 12.6%
HOUSTON (5.8%) 6.5% 5.3% (1.6%)
SAN ANTONIO 1.8% 4.7% 5.0% 2.9%
EL PASO 3.9% 3.7% 1.1% 3.3%
GARLAND 8.8% 5.8% (2.2%) 6.1%
ARLINGTON 2.1% 11.2% (2.9%) 2.9%
IRVING 2.8% 11.1% (5.9%) 2.7%
GRAND PRAIRIE 11.1% 7.9% (8.0%) 6.9%
STATE TOTAL 0.6% (0.7%) 4.4% 1.1%
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10004
To the Mayor and Members of the City Council May 2, 2017
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*a SUBJECT: FEBRUARY 2017 — SALES TAX UPDATE
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SALES TAX REVENUE BY INDUSTRY FOR PERIOD 5
RETAIL TRADE
ARTS,ENTERTAINMENT,AND
RECREATION
1% WHOLESALE
TRANSPORTATION
AND WAREHOUSING
1%
OTHER SERVICES(EXCEPT
PUBLIC ADMINISTRATION) ACCOMMODATION AND FOOD
2% SERVICES
PROFESSIONAL,SCIENTIFIC,
AND TECHNICAL SERVICES
3% /
ADMINISTRATIVE AND SUPPORT J
AND WASTE MANAGEMENT
AND REMEDIATION SERVICES INFORMATION
3%
REAL ESTATE AND RENTAL AND
LEASING MANUFACTURING
3%
UTILITIES
4% kh hhMl1I�
CONSTRUCTION
5%
There are five industries that comprise the largest portion (78%) of the City's sales tax revenue in
FY2017 for period 5.
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