HomeMy WebLinkAboutIR 10088 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10088
To the Mayor and Members of the City Council January 9, 2018
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SUBJECT: SEPTEMBER 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 September 2017
(Fiscal Year 2017, Period 12) collection results on November 8th, 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.
SEPTEMBER NET SALES TAX COLLECTIONS (10-YEAR HISTORY
0
I I
I I I
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
The City's net sales tax collection is up $967,854 or 7.5%, compared to the same month last year. As
depicted in the table below, the City experienced $152,822 or a 1.1% increase when compared to last
year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALE TAX
Collection Detail for City Sales Tax
September 16 September 17 Variance ($) Variance (%)
Current Period Collections $13,609,930 $13,762,752 $152,822 1.1% Q
Non-Current Collections (300,964) 418,954 719,918 239.2%
Audit Adjustments (12,782) 105,397 118,179 924.6%
Service Fee (265,924) (285,742) (19,818) (7.5%)
Retainage (39,384) (42,630) (3,246) (8.2%)
Net Collections $12,990,877 $13,958,731 $967,854 7.5%Q
*NON-CURRENT COLLECTIONS ARE PAYMENTS ATTRIBUTED TO NON-CURRENT COLLECTIONS INCLUDING PRIOR PERIOD,FUTURE PERIOD AND UNIDENTIFIED
COLLECTIONS.(AUDIT ADJUSTMENTS MAY FLUCTUATE BASED UPON RESULTS OF TAXPAYER SALES TAX AUDITS CONDUCTED BY THE STATE OF TEXAS.)
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
12.0% 11.8%
10.3%
7.1% 7.5% 7.7%
3.4% 8.4% °
6.3/°
0.9% 2.3% 1.1
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10088
To the Mayor and Members of the City Council January 9, 2018
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*a SUBJECT: SEPTEMBER 2017 — SALES TAX UPDATE
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The City's General Fund sales tax collections as of FY2017 M12 are 105% to budget, and at 107%
for the same period last year. The City's Crime Control and Prevention District Fund (CCPD) sales tax
collections as of FY2017 M12 are 104% to budget, and 108% 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 12 Through Period 12 Through Period 12
GENERAL FUND $141,018,044 $147,747,580 $137,888,182
CRIME CONTROL AND PREVENTION DISTRICT 67,394,786 69,926,447 64,973,820
TOTAL $208,412,830 $217,674,026 $202,862,002
CITY OF FORT WORTH BUDGET COMPARISON — FY2017
P roj a cte d
Variance to Amended
Adopted Amended Final Fiscal
Budget Budget Year Totals ($) (°/a)
CITY OF FORT WORTH
GENERAL FUND $140,468,044 $141,018,044 $147,747,580 $6,729,536 4.8%
CRIME CONTROL&PREVENTION DISTRICT $67,394,786 $67,394,786 $69,926,447 $2,531,661 3.8%
The City collected $147,747,580 by fiscal year end in the General Fund, which exceeds original
estimates in the FY2017 adopted budget by $6,729,536. In addition, the City collected $69,926,447
for CCPD at the fiscal year end, exceeding original estimates by $2,531,661.
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10088
To the Mayor and Members of the City Council January 9, 2018
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*a SUBJECT: SEPTEMBER 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 FY2017 collections for the same period.
CITIES COMPARISON- NET COLLECTIONS
FY2017 vs. FY2016
City 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter YTD
FRISCO 7.6% 8.9% 8.3% 9.2% 8.5%
MCKI NNEY 9.7% 14.1% 5.2% 2.6% 7.7%
FORT WORTH 6.9% 8.7% 5.2% 7.8% 7.2%
GRAND PRAIRIE 11 .1% 2.7% 5.3% 3.1% 5.5%
PLANO 0.3% 9.3% 1 .1% 5.2% 3.8%
DALLAS 4.3% 4.2% 2.6% 2.5% 3.4%
AUSTIN 4.5% 4.8% (0.9%) 4.7% 3.2%
SAN ANTONIO 1 .8% 3.5% 3.4% 2.9% 2.9%
ARLINGTON 2.1% 5.0% 1 .7% 1 .9% 2.6%
EL PASO 3.9% 0.5% 1 .6% 4.4% 2.6%
I RVI NG 2.8% 15.5% (8.9%) 1 .1% 2.0%
HOUSTON (5.8%) 3.5% 0.8% (0.3%) (0.6%)
GARLAND 8.8% (15.1%) 1 .2% 2.7% (1 .1 %)
STATE TOTAL 0.6% 2.2% 5.5% 5.6% 3.4%
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. 10088
To the Mayor and Members of the City Council January 9, 2018
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•a SUBJECT: SEPTEMBER 2017 — SALES TAX UPDATE
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SALES TAX REVENUE BY INDUSTRY FOR PERIOD 12
RETAIL TRADIE
D,
FOOD SERVICES
TRANSPORTATION AND
WAREHOUSING WHOLESALE TRADE
1%
ARTS,ELATE RTAI N M ENT,A N D
RECREATION
1%
FINANCE AND INSURANCEk MANUFACTURING
1%
DTH ER SERVICES(EXCEPT
PUBLIC ADMINISTRATION)
295 PROFESSIONAL,SCIENTIFIC,
AND TECH N I CAL SERVIC ES
3°6 UTILITIES [NIFORMATION
REAL ESTATE AND RENTAL
AND LEASING
3% CONSTRUCTION —.dd-
ADMINISTRATIVE AN 6 SUPPORT
AND WASTE MANAGEMENT AND
REMEDIATION SERVICES
3%
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 12.
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