HomeMy WebLinkAboutIR 9614INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
SUBJECT: NOVEMBER 2013 — SALES TAX UPDATE
No. 9614
January 14, 2014
Page 1 of 2
Sales tax revenue represents approximately 20% of the City's General Fund budget. Staff is
committed to providing you regular updates on this important and sometimes volatile revenue source.
The Texas Comptroller's Office posted results on January 8th. 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 November. 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.
November Net Sales Tax Collections (10-year History)
N
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FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
The City's net sales tax collection is up $937,805 or 11.3% compared to this month last year. These
collections are the best on record for the month of November. As depicted in the table below, the City
experienced $606,924 or 7.2% in positive growth when compared to last year's current period
collections for the same month. Current period collections include only transactions that occurred
within the month, so this number reflects pure economic activity.
Current Period Collections:
Other Collections:
Audit Collections:
Service Fee:
Retai nage:
Net Collections
7.7 %
Collection Detail for City Sales Tax
Nov 12 Nov 13
$8,470,591
$182,200
($237,864)
(�168:299)
$21,350
$8,267,979
$9,077,515
$103,146
$205,175
(�a187,717)
$7,663
$9,205,783
Current Period Collections
Change vs. Same Month in Prior Year
s.o �
CHANGE
$606,924
($79,053)
$443,039
($19,418)
($13,687)
$937,805
CHANGE
7.2% *
-43.4%
186.3%
-11.5%
-64.1 %
17.3% *
�.s �i
Dec-12 Jan-13 Fetr13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 SeFr13 Od-13 Nov-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
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To the Mayor and Members of the City Council
SUBJECT: NOVEMBER 2013 - SALES TAX UPDATE
CITY OF FORT WORTH
City Of Fort Worth Budget Comparison - FY2014
Adopted Fiscal Year
Budget Projection Variance
$ 120,934,328 $ 122,038,279 0.9%
CRIME CONTROL AND PREVENTION DIST. $ 54,715,598 $ 55,164,654 0.8%
MASS TRANSIT AUTHORITY - THE "T' $ 61,220,000 $ 61,749,666 0.9%
N o. 9614
January 14, 2014
Page 2 of 2
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$ 1,103,951
$ 449,056
$ 529,666
The City is projecting to collect $1,103,951 or 0.9% more than the FY2014 adopted budget. As
depicted above, you will also see how the positive results are affecting our partner agencies. These
are the projected collections for the fiscal year and while they are encouraging, Staff recommends
maintaining a conservative forecast for FY2014 as we continue to experience uncertainty with the
national economy and potential audit adjustments. The chart below indicates how other cities in the
region compared to FY2013.
CITY OF FORT WORTH
CITY COMPARISONS - FY2014 vs. FY2013
CI TY
WATAU GA
BURLESON
SOUTHLAKE
STATE TOTAL
FORT WORTH
DALLAS
NORTH RI CHLAND HI LLS
HU RST
EULESS
ARLI NGTON
KELLER
GRAND PRAIRIE
GRAPEVI NE
BEDFORD
0 ctobe r
-13.9%
13.9 %
15.9 %
5.4 %
2.9 %
6.1 %
-9.�%
-1.8%
-5.8%
-2.2 %
6.6 %
-2.2 %
3.5 %
-0.2%
Novem ber
28.4%
22.8%
18.8%
18.8%
11.3%
11.2%
10.4%
10.3%
5.1%
4. 8%
2.6%
-2. 3%
-5.7%
-7.9%
YTD
3.4%
1 8.0 %
17.4 %
4.0%
6.9°/a
8.5%
0.2 %
4.2%
-0.8%
1.1%
4.6 %
-2.3%
-1.4 %
-4.1 %
Again, hopefully you find this additional information helpful. If you have any questions, please call
Susan Alanis, Assistant City Manager, at 817.392.8180.
Tom Higgin
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS