HomeMy WebLinkAboutIR 10171 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10171
To the Mayor and Members of the City Council August 7, 2018
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*a SUBJECT: MAY 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 May 2018 (Fiscal Year
2018, Period 8) collection results on July 11th, 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.
MAY NET SALES TAX COLLECTIONS (1 O-YEAR HISTORY)
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IL 3 4 5S 9 19
The City's net sales tax collection is up $789,620 or 6.5%, compared to the same month last year. As
depicted in the table below, the City experienced $988,088 or an 8.3% increase when compared to last
year's collections for the same month. Current period collections include only transactions that occurred
within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALE TAX
May 17 May 18 Variance ($) Variance (%)
Current Period Collections $11,913,509 $12,901,597 $988,088 8.3%
Other Collections 341,164 214,403 (126,761) (37.2%)
Audit Adjustments 124,469 59,201 (65,268) (52.4%)
Service Fee (247,583) (263,504) (15,921) (6.4%)
Retainage (23,324) (13,841) 9,483 40.7%
Net Collections $12,108,235 $12,897,855 $789,620 6.5%
*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.)
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10171
To the Mayor and Members of the City Council August 7, 2018
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*a SUBJECT: MAY 2018 — SALES TAX UPDATE
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CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
,� 9.9%8.4% 8.910 8.4% 8.3%
6.3% 4.2% 6.1
4.5%
2.3% 1.1of0
1.4%
Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 fvlar-18 Apr-18 May-18
The City's General Fund sales tax collections as of FY2018 M8 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 M8 are 101% to budget, and 106% for the same period last year.
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
FY2017 Receipts
Budget as of Current Receipts Through Period
CITY OF FORT WORTH Period 8 Through Period 8 8
GENERAL FUND $100,824,574 $102,310,886 $96,605,098
CRIME CONTROL AND PREVENTION DISTRICT 48,091,808 48,543,925 45,937,700
TOTAL $148,916,382 $150,854,810 $142,542,798
CITY OF FORT WORTH BUDGET COMPARISON— FY2018
P roj a cte d
Variance to Amended
Adopted Amended Fiscal Year
Budget Budget Projections ($) (°/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. 10171
To the Mayor and Members of the City Council August 7, 2018
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*a SUBJECT: MAY 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 1st Quarter 2nd Quarter May
PLANO 115.5% 102.8% 130.6%
HOUSTON 112.9% 103.8% 111 .9%
SAN ANTONIO 102.6% 107.4% 111 .1 %
MCKINNEY 105.1 % 106.4% 110.5%
IRVING 97.0% 98.1 % 109.4%
GRAND PRAIRIE 103.1 % 109.1 % 108.6%
AUSTIN 102.8% 106.2% 108.3%
EL PASO 103.6% 105.6% 107.5%
FORT WORTH 106.6% 103.3% 106.5%
FRISCO 109.6% 108.8% 106.3%
DALLAS 103.6% 104.4% 103.6%
ARLINGTON 102.9% 104.9% 98.5%
GARLAND 98.7% 102.2% 95.2%
STATE TOTAL 110.2% 108.3% 110.2%
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