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Home My WebLink AboutIR 10050 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10050 To the Mayor and Members of the City Council September 19, 2017 �aar�u�a r Page 1 of 4 SUBJECT: July 2017 — Sales Tax Update PYA Y�g3 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 July 2017 (Fiscal Year 2017, Period 10) collection results on September 13th, 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. JULY NET SALES TAX COLLECTIONS (10-YEAR HISTORY 0 $10.0 $10.6 $10.8 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 The City's net sales tax collection is up $932,319 or 8.6%, compared to the same month last year. As depicted in the table below, the City experienced $903,184 or an 8.4% increase when compared to last year's collections for the same month. Current period collections include only transactions that occurred within the month, so this number reflects pure economic activity. COLLECTION DETAIL FOR CITY SALES TAX July 16 July 17 Variance($) Variance (%) Current Period Collections $10,734,926 $11,638,110 $9x3,184 8.4% Other Collections 134,875 134,418 (457) (0.3%) Audit Adjustments 983836 16.6,710 67,875 68.7% Service Fee (219.373) (238.785) (19.412) 8.8% Retainage 577025 38;155 (18.870) 33.1% Net Collections $10,806,290 $11,738,609 $932,319 8.06 *OTHER COLLECTIONS ARE PAYMENTS ATTRIBUTED TO PRIOR PERIOD COLLECTIONS,FUTURE PERIOD COLLECTIONS AND UNIDENTIFIED COLLECTIONS. CURRENT PERIOD COLLECTIONS 10.6% 10.2% 12.0% 10.3% 11.8% 7.1Ia a 7.5% 7.7% 8.4% 0.9% 3.4% 2.3% Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10050 To the Mayor and Members of the City Council September 19, 2017 r� Page 2 of 4 �i {i7 Y SUBJECT: July 2017 — Sales Tax Update #qrF rn 10,?5 The City's General Fund sales tax collections year-to-date are 105% of the budget year-to-date, and higher than 107% 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, and higher than 107% 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 9 Through Period 9 Through Period 9 GENERAL FUND $115,929,378 $121,922,376 $113,842,490 CRIME CONTROL AND PREVENTION DISTRICT 55,621,445 57,855,598 53,819,090 TOTAL $171,550,823 $179,777,974 $167,661,580 CITY OF FORT WORTH BUDGET COMPARISON — FY2017 Projected Variance to Amended Adopted Amended Fiscal Year Budget Budget Projections M N CITY OF FORT WORTH GENERAL FUND $140,468,044 $140,468,044 $147,211,000 $6,742,956 4.8% CRIME CONTROL&PREVENTION DISTRICT $67,394,786 $67,394,786 $70,218,000 $2,823,214 4.2% The City anticipates collecting $147,211,000 by fiscal year end in the General Fund, which exceeds original estimates in the FY2017 adopted budget by $6,742,956. (Intentionally left blank) ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10050 To the Mayor and Members of the City Council September 19, 2017 h�T�i7 Page 3 of 4 �i {i7 Y SUBJECT: July 2017 - Sales Tax Update #qrF rn f e'?5 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 3rd Quarter July YTD MCKI NNEY 9.7% 14.1% 5.2% 9.2% 8.8% FRISCO 7.6% 8.9% 8.3% 11 .0% 8.5% FORT WORTH 6.9% 8.7% 5.2% 8.6% 7.1% GRAND PRAIRIE 11 .1% 2.7% 5.3% 4.3% 6.1% DALLAS 4.3% 4.2% 2.6% 5.6% 3.9% PLANO 0.3% 9.3% 1 .1% 6.9% 3.7% SAN ANTONIO 1.8% 3.5% 3.4% 8.7% 3.4% ARLINGTON 2.1% 5.0% 1.7% 5.8% 3.2% AUSTIN 4.5% 4.8% (0.9%) 7.3% 3.1% I RVI NG 2.8% 15.5% (8.9%) 7.7% 2.8% EL PASO 3.9% 0.5% 1.6% 2.0% 2.0% HOUSTON (5.8%) 3.5% 0.8% 0.0% (0.6%) GARLAND 8.8% (15.1%) 1 .2% 3.8% (1.7%) STATE TOTAL 0.6% 2.2% 5.5% (1.0%) 3.3% Source: Allocation Payment Detail and Monthly All Fund Revenue Report, Texas Comptroller of Public Accounts (Intentionally left blank) ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10050 To the Mayor and Members of the City Council September 19, 2017 h�T�i7 Page 4 of 4 �i {i7 Y SUBJECT: July 2017 — Sales Tax Update #qrF rn 10 7'3 SALES TAX REVENUE BY INDUSTRY FOR PERIOD S RETAIL TRADE WHOLIESALETRADE ACCOMMODATION AND FOOD TRANSPORTATION SERVICES AND WAREHOUSING 1% FINANCEAND INSURANCE- 1 ARTS,ENTERTAINMENT, AND RECREATION 2% PROFESSIONAL,SCIENTIFIC,AND TECHNICAL SERVICES REAL ESTATEA RENTAL AND 2% SING OTHER SERVICES UTILITIES11111i, INFORMATION JEXCEPT PUBLIC 3% 3% ADMINISTRATION) ADMINISTRATIVE AND SUPPORT 2% AND WASTE MANAGEMENT AND CONSTRUCTION REMEDIATION SERVICES 6% 4% David Cooke City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS