HomeMy WebLinkAboutIR 10096 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10096
To the Mayor and Members of the City Council January 23, 2018
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SUBJECT: NOVEMBER 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 2018. 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 November 2017
(Fiscal Year 2018, Period 2) collection results on January 10th, 2018. 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.
NOVEMBER NET SALES TAX COLLECTIONS (10-YEAR HISTORY)
N
L
O
$10.0
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
The City's net sales tax collection is up $860,898 or 7.5%, compared to the same month last year. As
depicted in the table below, the City experienced $1,005,224 or an 8.9% increase when compared to
last year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALE TAX
Collection Detail for City Sales Tax
November 16 November 17 Variance ($) Variance (%)
Current Period Collections $11,239,799 $12,245,023 $1,005,224 8.9%
Other Collections 495,087 234,029 (261,058) (52.7%)
Audit Adjustments (31,363) 108,431 139,794 445.7%
Service Fee (234,070) (251,750) (17,679) 7.6%
Retai nage (2,343) (7,725) (5,383) 229.8%
Net Collections $11,467,110 $12,328,008 $860,898 7.5%
"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
11.8%
7.1% 7.5% 7.7% 8.4% 8.9%
6.3%
3.4% 4.2°I°
0.9% 2.3%
MEMO
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10096
To the Mayor and Members of the City Council January 23, 2018
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*a SUBJECT: NOVEMBER 2017 — SALES TAX UPDATE
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The City's General Fund sales tax collections as of FY2018 M2 are 105% to budget, and at 106% for
the same period last year. The City's Crime Control and Prevention District Fund (CCPD) sales tax
collections as of FY2018 M2 are 106% to budget, and 107% for the same period last year.
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
Budget as of Current Receipts FY2017 Receipts
CITY OF FORT WORTH Period 2 Through Period 2 Through Period 2
GENERAL FUND $23,146,821 $24,318,517 $22,852,992
CRIME CONTROL AND PREVENTION DISTRICT 11,040,686 11,707,505 10,963,798
TOTAL $34,187,507 $36,026,023 $33,816,790
CITY OF FORT WORTH BUDGET COMPARISON— FY2018
P roj a cte d
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections ($) (°/a)
CITY OF FORT WORTH
GENERAL FUND $154,573,000 $154,573,000 $154,573,000 $0 0.0%
CRIME CONTROL&PREVENTION DISTRICT $73,729,000 $73,729,000 $73,729,000 $0 0.0%
The City anticipates collecting $154,573,000 by fiscal year end, which matches original estimates in
the FY2018 adopted budget.
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10096
To the Mayor and Members of the City Council January 23, 2018
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*a SUBJECT: NOVEMBER 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
FY2018 vs. FY2017
City October November
PLANO 121 .1 % 115.8%
FRISCO 111 .6% 113.5%
HOUSTON 117.6% 112.8%
MCKI NNEY 110.1 % 109.6%
ARLI NGTON 101 .7% 109.2%
FORT WORTH 105.3% 107.5%
EL PASO 103.0% 105.3%
GRAND PRAIRIE 101 .8% 104.7%
DALLAS 106.0% 104.2%
AUSTI N 103.3% 103.9%
SAN ANTONIO 104.2% 99.6%
RVI NG 111 .3% 97.0%
GARLAND 101 .8% 92.2%
STATE TOTAL 106.9% 111 .1 %
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. 10096
To the Mayor and Members of the City Council January 23, 2018
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*a SUBJECT: NOVEMBER 2017 — SALES TAX UPDATE
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1075
SALES TAX REVENUE BY INDUSTRY FOR FY2017
HOLESALE
119E
RETAIL TRA
35%
OTHER_
196
FINANCE AND INSURANCE—
ARTS,
NSURANCE_ARTS, ENTERTAINMENT,AND-1
RECREATION
196 TRANSPDRTAT ON AND_..- C47NSTRUCTION
WAREHOUSING
1% ADMINISTRATIVE AND 5%
OTHER SERVICES SUPPORTAND WASTE L PROFESSIONAL, REAL ESTATE AND RENTAL
MANAGEMENT AND AND LEASING
(EXCEPT PUBLIC ?EMEDIATION SERVICES SCIENTIFIC,AND S,
ADMINISTRAT'O'V:i 3 TECHNICAL SERVICES
2°a 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.
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