HomeMy WebLinkAboutIR 10024 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10024
To the Mayor and Members of the City Council June 20, 2017
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SUBJECT: APRIL 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 April 2017 (Fiscal
Year 2017, Period 7) collection results on June 7t", 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.
APRIL NET SALES TAX COLLECTIONS (10-YEAR HISTORY
N
C
O
$10.3 1 $10.3I I
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
The City's net sales tax collection is up $668,463 or 6.5%, compared to the same month last year. As
depicted in the table below, the City experienced $774,248 or a 7.5% increase when compared to last
year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
April 16 April 17 Variance ($) Variance (%)
Current Period Collections $10,278,225 $11,052,472 $774,248 7.5%
Other Collections 184,914 1075123 (77,791) (42.1%)
Audit Adjustments 49,308 29,542 (19.766) (40.1%)
Service Fee (210.249) (223.783) (13.534) 6.4%
Retainage 59,389 64,696 5,307 (8.9°0)
Net Collections $10,361,687 $11,030,060 $668,463 6.5%
*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%
10.2% 12.0% 11.8%
10.3%
7.4% 7,1% 7.5%
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3.4%
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May-16 ,dun-18 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-113 Jan-17 Feb-17 Mar-17 Apr-17
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10024
To the Mayor and Members of the City Council June 20, 2017
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*a SUBJECT: APRIL 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 103% 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
Budget as of Current Receipts FY2016 Receipts
CITY OF FORT WORTH Period 7 Through Period 7 Through Period 7
GENERAL FUND $80.889.559 S84496 863 $78.610.351
CRIME CONTROL ANO PREVENTION DISTRICT 38 809 784 40 149 939 36.967.186
TOTAL $119,699,343 $124,646,802 $115,477,536
CITY OF FORT WORTH BUDGET COMPARISON — FY2017
Projected
Adopted Amended Fiscal Year Variance to Amended
Budget Budget Projections
CITY OF FORT WORTH
GENERAL FUND $140,468,044 $140,468,044 $145,196,257 $4,728,213 3.4%
CRIME CONTROL& PREVENTION DISTRICT $67,394,786 $67,394,786 $69,578,406 $2,183,620 3.2%
The City anticipates collecting $145,196,257 by fiscal year end in the General Fund, which exceeds
original estimates in the FY2017 adopted budget by $4,728,213.
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10024
To the Mayor and Members of the City Council June 20, 2017
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SUBJECT: APRIL 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 2nd Quarter April YTD
ICKINNEY 9.7% 14.1 % 5.5% 10,9%
FRISCO 7.6% 8.9% 13.1°ern 8.8'%
FORT WORTH 6.9% 8.7% 6.5% 7.6%
GRAND PRAIRIE 11 ,1 % 2.7% 9.2% 7,2%
1RVI NG 2.8% 15.5% (19.2%) 4.5%
PLANO 0.3% 9.3% (0.3%) 3.9%
AUSTIN 4.5% 4.8% (1 .6%) 3,8%
DALLAS 4.3% 4.2% (0,3%) 3.6%
ARLINGTON 2.1 % 5.0% 1.5% 3.2%
SAN ANTONIO 1 .8% 3.5% 6.0% 3.1 %
EL PASO 3.9% 0.5% (0.7%) 1 .8%
HOUSTON (5,8%) 3.5% ( .0%) (1 .5%)
GARLAND 8.8% (15.1 %) 1.4% (3.3%)
STATE TOTAL 0.6% 2.2% 2.5% 1.5%
Source: Allocation Payment Detail and Monthly All Fund Revenue Report, Texas Comptroller of Public Accounts
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10024
To the Mayor and Members of the City Council June 20, 2017
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*a SUBJECT: APRIL 2017 — SALES TAX UPDATE
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SALES TAX REVENUE BY INDUSTRY FOR PERIOD 6
WHOLESALEPETAILTRADE
TRANSPORTATION AND
WAREHOUSING
1%
FINANCE AND INSURANCE ACCOMMODATION AND FOOD
SERVICES
1%
ARTS,ENTERTAINMENT,AND
RECREATION
196
OTHER SERVICES(E}{CEPT PUBLIC •
ADMINISTRATION)
2%
ADMINISTRATIVE
AND SUPPORT AND INFORMATION
WASTE PROFESSIONAL,SCIENTIFIC,AND
MANAGEMENT AND TECHNICAL SERVICES
REMEDIATION 3%
SERVICES REAL ESTATE AND RENTAL AND
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2% LEASING MANUFACTURING
3% CONSTRUCTIIJI^l
5 7%
Source: Industry Report, Texas Comptroller of Public Accounts
There are five industries that comprise the largest portion (75%) of the City's sales tax revenue in
FY2017 for period 6. This chart is typically one month in arrears due to availability of data.
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