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Home My WebLink AboutIR 10185 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10185 To the Mayor and Members of the City Council October 16, 2018 r� Page 1 of 3 �i {i7 Y *a SUBJECT: AUGUST 2018 — SALES TAX UPDATE #qrF rn Yg7'3 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 August 2018 (Fiscal Year 2018, Period 11) collection results on October 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. AUGUST NET SALES TAX COLLECTIONS (10-YEAR HISTORY N C O 1 2 3 4 5 6 7 8 9 10 The City's net sales tax collection is up $892,778 or 7.5%, compared to the same month last year. As depicted in the table below, the City experienced $859,486 or a 7.2% increase when compared to last year's collections for the same month. Current period collections include only transactions that occurred within the month, so this number reflects pure economic activity. COLLECTION DETAIL FOR CITY SALE TAX August 17 August 18 Variance ($) Variance (%) Current Period Collections $11,888,252 $12,747,739 $859,486 7.2% Other Collections 122,443 276,435 153,991 125.8% Audit Adjustments 101,408 1,026 (100,382) (99.0%) Service Fee (242,242) (260,504) (18,262) (7.5%) Retainage (3,388) (5,443) (2,055) (60.7%) Net Collections $11,866,474 $12,759,252 $892,778 7.5% "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. 10185 To the Mayor and Members of the City Council October 16, 2018 r� Page 2 of 3 �i {i7 Y *a SUBJECT: AUGUST 2018 — SALES TAX UPDATE #qrF rn Yg7'3 CURRENT PERIOD COLLECTIONS Change Compared to Same Month in Prior Year 8.9% ° 8.4% 9.9% 8.3% 8.8% 6.1/° 7.4% 7.2% 4.2% 4.5% 1.4% Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 The City's General Fund sales tax collections as of FY2018 M11 are 102% 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 M1 1 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 11 Through Period 11 Through Period 11 GENERAL FUND $139,663,333 $142,282,492 $133,788,849 CRIME CONTROL AND PREVENTION DISTRICT 66,617,313 67,395,134 63,531,593 TOTAL $206,280,646 $209,677,626 $197,320,442 CITY OF FORT WORTH BUDGET COMPARISON — FY2018 Projected Adopted Amended Fiscal Year Variance to Amended Budget Budget Projections ($) (%) CITY OF FORT WORTH GENERAL FUND $154,573,000 $154,573,000 $156,118,730 $1,545,730 1.0% CRIME CONTROL&PREVENTION DISTRICT $73,729,000 $73,729,000 $74,466,290 $737,290 1.0% The City anticipates collecting $156,118,730 by fiscal year end, which is a 1% increase from the original estimates in the FY2018 adopted budget. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10185 To the Mayor and Members of the City Council October 16, 2018 r� Page 3 of 3 �i {i7 Y *a SUBJECT: AUGUST 2018 - SALES TAX UPDATE #qrF rn Yg7'3 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 3rd Quarter August HOUSTON 112.9% 103.8% 110.3% 115.5% AUSTIN 102.8% 106.2% 106.1% 108.9% SAN ANTONIO 102.6% 107.4% 107.9% 108.3% FORT WORTH 106.6% 103.3% 108.5% 107.5% GRAND PRAIRIE 103.1% 109.1% 108.3% 107.3% MCKINNEY 105.1% 106.4% 109.0% 105.3% FRISCO 109.6% 108.8% 106.9% 105.0% EL PASO 103.6% 105.6% 105.9% 103.8% DALLAS 103.6% 104.4% 104.1% 103.1% IRVING 97.0% 98.1% 112.2% 102.3% ARLINGTON 102.9% 104.9% 103.2% 102.0% PLANO 115.5% 102.8% 116.0% 99.1% GARLAND 98.7% 102.2% 100.6% 96.4% STATE TOTAL 110.2% 108.3% 112.4% 115.8% 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