HomeMy WebLinkAboutIR 10202 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10202
To the Mayor and Members of the City Council November 13, 2018
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*a SUBJECT: SEPTEMBER 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 September 2018 (Fiscal
Year 2018, Period 12) collection results on November 7th, 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
tq
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$10.1 $10.61 $13.0 $14.0
1 2 3 4 5 6 7 8 9 10
The City's net sales tax collection is up $480,127 or 3.4%, compared to the same month last year. As
depicted in the table below, the City experienced $490,139 or a 3.6% increase when compared to last
year's collections for the same month. Current period collections include only transactions that occurred
within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALE TAX
September 17 September 18 Variance ($) Variance (%)
Current Period Collections $13,762,752 $14,252,891 $490,139 3.6%
Other Collections 418,954 157,781 (261,173) (62.3%)
Audit Adjustments 105,397 357,720 252,323 239.4%
Service Fee (285,742) (295,368) (9,626) (3.4%)
Retainage (42,630) (34,167) 8,463 19.9%
Net Collections $13,958,731 $14,438,858 $480,127 3.4%
*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. 10202
To the Mayor and Members of the City Council November 13, 2018
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*a SUBJECT: SEPTEMBER 2018 — SALES TAX UPDATE
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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% 3.6%
Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
The City's General Fund sales tax collections for FY2018 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 for FY2018 are 100% 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 12 Through Period 12 Through Period 12
GENERAL FUND $154,573,000 $156,721,349 $147,747,580
CRIME CONTROL AND PREVENTION DISTRICT 73,729,000 73,883,539 69,926,447
TOTAL $228,302,000 $230,604,888 $217,674,026
CITY OF FORT WORTH BUDGET COMPARISON — FY2018
Actual
Adopted Amended Actual Fiscal Variance to Budget
Budget Budget Year Totals ($) N
CITY OF FORT WORTH
GENERAL FUND $154,573,000 $154,573,000 $156,721,349 $2,148,349 1.4%
CRIME CONTROL&PREVENTION DISTRICT $73,729,000 $73,729,000 $73,883,539 $154,539 0.2%
The City's General Fund actual collection exceeded the FY2018 adopted budget by $2,148,349, or
1.4%, and the City's Crime Control and Prevention District Fund (CCPD) actual collection exceeded
the FY2018 adopted budget by $154,539, or 0.2%.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10202
To the Mayor and Members of the City Council November 13, 2018
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*a SUBJECT: SEPTEMBER 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 3rd Quarter 4th Quarter YTD
PLANO 115.5% 102.8% 116.0% 103.0% 109.4%
HOUSTON 112.9% 103.8% 110.3% 108.9% 109.0%
FRISCO 109.6% 108.8% 106.9% 105.1% 107.6%
GRAND PRAIRIE 103.1% 109.1% 108.3% 109.1% 107.4%
MCKINNEY 105.1% 106.4% 109.0% 107.3% 107.0%
AUSTIN 102.8% 106.2% 106.1% 109.8% 106.2%
FORT WORTH 106.6% 103.3% 108.5% 105.8% 106.1%
SAN ANTONIO 102.6% 107.4% 107.9% 105.0% 105.7%
EL PASO 103.6% 105.6% 105.9% 106.8% 105.4%
DALLAS 103.6% 104.4% 104.1% 104.0% 104.0%
ARLINGTON 102.9% 104.9% 103.2% 104.2% 103.8%
IRVING 97.0% 98.1% 112.2% 103.1% 102.4%
GARLAND 98.7% 102.2% 100.6% 100.5% 100.5%
STATE TOTAL 110.2% 108.3% 112.4% 112.4% 110.9%
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