HomeMy WebLinkAboutIR 9450INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
SUBJECT: November 2011 — Sales Tax Update
No. 9450
November 15, 2011
Page 1 of 2
In response to the volatile nature of sales tax revenue, the Staff is committed to providing you a brief
update of the sales tax collections. The Texas Comptroller's Office posted results on November 9th.
The results are dependent upon the timeliness and accuracy of sales tax payers' returns. This
payment from the State represents taxes collected on sales that occurred primarily in the month of
September. In this report, you will see Fort Worth's sales tax collection compared to last year and the
impact on the current year's budget.
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CITY OF FORT WORTH
SEPTEMBER FY2011
SEPTEMBER FY2010
MONTHLY SALES TAX COLLECTIONS FOR SEPTEMBER
$10,554,454 DOLLAR VARIANCE % VARIANCE
$10,139,875 $414,579 � 4.09% �
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Note: City's net payment for sales tax collections was up $414,579 or 4.09% compared to this month
last year and is the highest net payment ever received for the month of September. Furthermore, The
City experienced $423,217 or 4.21 % in positive growth when compared to last year's current period
collections. This positive trend has continued in current period collections throughout the 2011 fiscal
year and is illustrated in the bar chart below.
Current Period
Collections:
CITY OF FORT WORTH COLLECTION DETAIL
COLLECTION DETAIL FOR CITY SALES TAX
SEPTEMBER 2010 SEPTEMBER 2011
Current Period Collections:
Other Collections:
Audit Collections:
Service Fee:
Retainage:
Net Payment
2.73%
$ 10,051,688
265,053
77,420
(207,883)
(46,403)
$ 10,139,875
October No�ember December January February
$ 10,474,905
183,431
162,055
(216,408)
(49,529)
$ 10,554,454
CHANGE
4.21 %
-30.79%
109.32%
4.10%
6.74% �
4.09%
3.43% 3.86% � 2.42% 2.81% � 4.21%
March April May June July August September
City Sa/es Tax Trend: Variance for the most recent months vs. same period last yea�.
Note: As you can see, "Current Period" collections have a positive trend signaling continued sales
tax improvement.
ISSUED BY THE CITY MANAGER FORT WORTH. TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
SUBJECT: November 2011 - Sales Tax Update
No. 9450
November 15, 2011
Page 2 of 2
CITY OF FORT WORTH BUDGET COMPARISON - FY2011
ADOPTED BUDGET YR END
BUDGET RE-ESTIMATE VARIANCE
CITY OF FORT WORTH $ 96,351,438 $ 105,582,575 9.58% �
CRIME CONTROL AND PREVENTION DIST. $ 42,237,472 $ 47,453,377 12.35% �
MASS TRANSIT AUTHORITY - THE "T" $ 45,552,000 $ 49,788,083 9.30% �
Note: For the year, the City has collected $9,231,137 or 9.58% more than the FY2011 budget. This
is consistent with projections throughout the year and reflects the continued growth in sales tax
collections. Although the City finished the fiscal year strong with collections, Staff recommends
maintaining a conservative forecast for FY2012 since we continue to experience a level of uncertainty
with the national economy.
The following chart demonstrates how our trend compares to the state and other cities:
CITY OF FORT WORTH
CITY COMPARISONS - FY 2011 v. FY 2010
CITY QTR 1 QTR 2 QTR 3 QTR 4 SEPT YTD
WATAUGA 6.13% 0.35% -0.18% 36.19% 4.94% 10.76%
BURLESON 14.02% -1.11% 16.85% 13.78% 19.42% 11.11%
GRAPEVINE 13.59% 2.97% 12.10% -0.54% -4.05% 6.90%
EULESS 7.28% 6.60% 3.58% 9.07% 11.56% 6.61%
SOUTHLAKE 2.15% 8.05% 7.90% 7.35% 6.88% 6.19%
DALLAS
ARLINGTON
GRAND PRAIRIE
HURST
KELLER
NORTH RICHLAND HILLS
BEDFORD
STATE TOTAL
3. 59%
8.10%
-6. 73%
6.62%
2.81 %
5.27%
-0.61 %
8. 26%
4.69%
0.47%
-2.74%
2.82%
-2.37%
-2.96%
-7.89%
10.02%
3. 71 %
0.06%
1.49%
3.44%
2. 83%
-1.45%
-7.12%
9.55%
10.09 %
9.92%
21.11%
4.56 %
2.78%
-4.04%
-3.98°/a
11.31%
Note: YTD collections for Fort Worth are up 5.65% compared to last year.
6.62%
3.64%
8.95%
2.40%
-5.74%
-5.77°/a
-3.85%
11.76%
5.50%
4.64%
3.44%
4.47%
1.53%
-0.80%
-4.94%
9.79%
Again, hopefully you find this additional information helpful. If you have any questions, please call
Horatio Porter, Budget Officer, at 817.392.2379.
G%��
Tom Higgin
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH. TEXAS