HomeMy WebLinkAboutIR 10117 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 40054 s/b
10117
To the Mayor and Members of the City Council March 20, 2018
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SUBJECT: JANUARY 2018 — SALES TAX UPDATE
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Sales tax revenue represents approximately twenty-three 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 January 2018 (Fiscal
Year 2018, Period 4) collection results on March 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.
JANUARY NET SALES TAX COLLECTIONS (10-YEAR HISTORY
0
I 1 $10.2 1 $9.7 1 $10.7
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
The City's net sales tax collection is up $610,921 or 5.7%, compared to the same month last year. As
depicted in the table below, the City experienced $880,089 or an 8.4% increase when compared to
last year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALE TAX
January 17 January 18 Variance ($) Variance (%)
Current Period Collections $10,520,682 $11,400,771 $880,089 8.4%
Other Collections 215,349 132,521 (82,828) (38.5%)
Audit Adjustments 129,354 (53,181) (182,535) (141.1%)
Service Fee (217,308) (229,602) (12,295) (5.7%)
Retainage 86,655 95,145 8,490 9.8%
Net Collections $10,734,733 $11,345,654 $610,921 5.7%
*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
7.5/°
° 7.7% 8.4% 8.9% 8.4%
6.3%,it
4.2%
1.1%
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Feb-17 Mar-17 Apr-17 May 17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-1 7 Dec-17 Jan-18
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10054 s/b
10117
To the Mayor and Members of the City Council March 20, 2018
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SUBJECT: JANUARY 2018 — SALES TAX UPDATE
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The City's General Fund sales tax collections as of FY2018 M4 are 101% 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 M4 are 101% to budget, and 106% 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 4 Through Period 4 Through Period 4
GENERAL FUND $51,088,322 $51,598,489 $48,498,339
CRIME CONTROL AND PREVENTION DISTRICT 24,368,362 24,564,270 23,164,249
TOTAL $75,456,684 $76,162,759 $71,662,588
CITY OF FORT WORTH BUDGET COMPARISON— FY2018
P roj a cte d
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections ($) (°/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. 10054 s/b
10117
To the Mayor and Members of the City Council March 20, 2018
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SUBJECT: JANUARY 2018 — 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 1 st Quarter January
FRISCO 109.6% 113.1 %
MCKI NNEY 105.1 % 110.0%
SAN ANTONIO 102.6% 108.8%
AUSTI N 102.8% 107.7%
GRAND PRAIRIE 103.1 % 107.4%
FORT WORTH 106.6% 105.7%
EL PASO 103.6% 103.7%
DALLAS 103.6% 103.2%
HOUSTON 112.9% 102.9%
GARLAND 98.7% 102.6%
PLANO 115.5% 102.4%
ARLI NGTON 102.9% 100.1 %
RVI NG 97.0% 97.6%
STATE TOTAL 110.2% 109.0%
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. 10054 s/b
10117
To the Mayor and Members of the City Council March 20, 2018
h%Ttile.
° rte Page 4 of 4
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SUBJECT: JANUARY 2018 — SALES TAX UPDATE
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SALES TAX REVENUE BY INDUSTRY FOR FY2017
HOLESAI_E TRADE
1196
N U FACTURI N
9%
OTHER
196
FINANCE AND INSURANCE------_,
ARTS. ='.:TERTAINMENT,AND_1% — — — — —
RECREATION
196 TRANSPORTATION AND_...� x CONSTRUCTION
WAREHOUSING j
1% AD M I N ISTRATIVE AND
SUPPORTANDWASTE _ REAL ESTATE AND RENTAL
OTHER SERVICES_.... :` ` PROFESSIONAL, AND LEASING
(EXCEPT PUBLIC MANAGEMENT AND SCI E NTI FIC,AND
RE�v1EC)IATI ON SERVICES 3%
ADMINISTRATION) 3 TECHNICAL SERVICES
2% 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