HomeMy WebLinkAboutIR 10146 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10146
To the Mayor and Members of the City Council May 15, 2018
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*a SUBJECT: MARCH 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 March 2018 (Fiscal Year
2018, Period 6) collection results on May 9th, 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.
MARCH NET SALES TAX COLLECTIONS (1 O-YEAR HISTORY
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The City's net sales tax collection is up $506,677 or 3.6%, compared to the same month last year. As
depicted in the table below, the City experienced $645,090 or a 4.5% increase when compared to last
year's collections for the same month. Current period collections include only transactions that occurred
within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALE TAX
March 17 March 18 Variance ($) Variance (%)
Current Period Collections $14,246,493 $14,891,583 $645,090 4.5%
Other Collections 166,120 261,337 95,217 57.3%
Audit Adjustments 77,335 (136,631) (213,966) (276.7%)
Service Fee (289,799) (300,326) (10,527) (3.6%)
Retainage (67,216) (76,353) (9,137) (13.6%)
Net Collections $14,132,933 $14,639,611 $506,677 3.6%
*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.)
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10146
To the Mayor and Members of the City Council May 15, 2018
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CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
°
°
7.5% 7.7°�0 6.3% 8.9% 8.4%
6.1%
4.2% 4.5%
2.3°/°
1.4%
Apr-17 W^ay■-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18
The City's General Fund sales tax collections as of FY2018 M6 are 100% to budget, and at 105% for
the same period last year. The City's Crime Control and Prevention District Fund (CCPD) sales tax
collections as of FY2018 M6 are 99% to budget, and 104% 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 6 Through Period 6 Through Period 6
GENERAL FUND $76,977,522 $77,143,465 $73,466,813
CRIME CONTROL AND PREVENTION DISTRICT 36,717,122 36,403,271 34,878,117
TOTAL $113,694,644 $113,546,736 $108,344,930
CITY OF FORT WORTH BUDGET COMPARISON— FY2018
P roj a cte d
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections ($) (°/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.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10146
To the Mayor and Members of the City Council May 15, 2018
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*a SUBJECT: MARCH 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 2nd Quarter
GRAND PRAIRIE 103.1 % 109.1 %
FRISCO 109.6% 108.8%
SAN ANTONIO 102.6% 107.4%
MCKI NNEY 105.1 % 106.4%
AUSTI N 102.8% 106.2%
EL PASO 103.6% 105.6%
ARLI NGTON 102.9% 104.9%
DALLAS 103.6% 104.4%
HOUSTON 112.9% 103.8%
FORT WORTH 106.6% 103.3%
PLANO 115.5% 102.8%
GARLAND 98.7% 102.2%
RVI NG 97.0% 98.1 %
STATE TOTAL 110.2% 108.3%
Source: Allocation Payment Detail and Monthly All Fund Revenue Report, Texas Comptroller of Public Accounts
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