HomeMy WebLinkAboutIR 10112 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10112
To the Mayor and Members of the City Council March 6, 2018
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SUBJECT: DECEMBER 2017 — SALES TAX UPDATE
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Sales tax revenue represents approximately twenty-two percent (22.7%) 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 December 2017
(Fiscal Year 2018, Period 3) collection results on February 7t", 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.
DECEMBER NET SALES TAX COLLECTIONS (10-YEAR HISTORY
$10.8 $12.5 $13.4 $14.4 $15.0 r0
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FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
The City's net sales tax collection is up $1,023,704 or 6.9%, compared to the same month last year.
As depicted in the table below, the City experienced $926,065 or an 6.1% increase when compared
to last year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALE TAX
December 16 December 17 Variance ($) Variance (%)
Current Period Collections $15,177,558 $16,103,624 $926,065 6.1%
Other Collections 144,330 121,909 (22,421) (15.5%)
Audit Adjustments (35,315) 108,914 144,229 408.4%
Service Fee (305,731) (326,689) (20,957) 6.9%
Retainage (70,228) (73,441) (3,213) 4.6%
Net Collections $14,910,614 $15,934,318 $1,023,704 6.9%
*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%
7.5% 7.7% 8.4% 8.9%
7.1°I° 631X 8.9%
6.1°/°
1= OEM3.4°J° ° 4.2°I°
2.3 J° 1.1%
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 [act-17 Nov-17 Dec-17
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10112
To the Mayor and Members of the City Council March 6, 2018
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*a SUBJECT: DECEMBER 2017 — SALES TAX UPDATE
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The City's General Fund sales tax collections as of FY2018 M3 are 101% 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 FY2018 M3 are 101% 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 3 Through Period 3 Through Period 3
GENERAL FUND $39,828,451 $40,252,835 $37,763,606
CRIME CONTROL AND PREVENTION DISTRICT 18,997,573 19,163,505 17,946,830
TOTAL $58,826,023 $59,416,340 $55,710,436
CITY OF FORT WORTH BUDGET COMPARISON— FY2018
Projected
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections ($) (%)
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. 10112
To the Mayor and Members of the City Council March 6, 2018
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*a SUBJECT: DECEMBER 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 December
PLANO 121 .1 % 115.8% 111 .9%
HOUSTON 117.6% 112.8% 109.5%
FORT WORTH 105.3% 107.5% 106.9%
FRISCO 111 .6% 113.5% 105.6%
SAN ANTONIO 104.2% 99.6% 103.7%
GRAND PRAIRIE 101 .8% 104.7% 102.8%
EL PASO 103.0% 105.3% 102.7%
GARLAND 101 .8% 92.2% 101 .9%
AUSTI N 103.3% 103.9% 101 .4%
DALLAS 106.0% 104.2% 101 .2%
ARLINGTON 101 .7% 109.2% 99.6%
MCKI NNEY 110.1 % 109.6% 98.4%
1 RVI NG 111 .3% 97.0% 88.6%
STATE TOTAL 106.9% 111 .1 % 116.4%
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. 10112
To the Mayor and Members of the City Council March 6, 2018
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*a SUBJECT: DECEMBER 2017 — SALES TAX UPDATE
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SALES TAX REVENUE BY INDUSTRY FOR FY2017
HOLESAILE TRADE
1196
NUFAC UI
9%
OTHER
I96
FINANCE AND INSURANCE
.ARTS, ENTERTAINMENT,AND—1%
RECREATION
TRANSPORTATION AID_: ...
196 I CONSTRUCTION
WAREHOUSING;
196 ADMINISTRATIV'EAND �5
OTHERSERVICES .. SUPPORT AND WASTE _ PROFESSIONAL, --- REAL ESTATE.ANDRENTAL
(EXCEPT PUBLIC MANAGEMENTAND SCI ENTIFIC,A<ND AND LEASING
REMEDIATION SERVICES 3%
ADMINISTRATION) TECHNICAL SERVICES
` B%
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