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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9476
March 20, 2012
To the Mayor and Members of the City Council
Page 1 of 2
SUBJECT: MARCH 2012 SALES TAX UPDATE
In response to the volatile nature of sales tax revenue, the Staff is committed to providing you a brief
on March 7th. 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 January. In
this report, y sales tax collection compared to last year and the impact on the
MONTHLY NET SALES TAX COLLECTIONS FOR JANUARY
CITY OF FORT WORTH
JANUARY FY2012$8,098,227
DOLLAR VARIANCE% VARIANCE
JANUARY FY2011$7,673,380$424,8475.5%
$8.1
$7.7
$7.5
$7.4
$7.1
$6.8
$6.6
$5.7
$5.0
$4.9
FY2003FY2004FY2005FY2006FY2007FY2008FY2009FY2010FY2011FY2012
Note: up $424,847 or 5.5% compared to this month
last year, making this the highest January collection on record. As depicted in the table below, the
City experienced $695,915 or 9.7% in positive growth when -to-month
current period collections. This positive trend has continued incurrent period collections.
CITY OF FORT WORTH COLLECTION DETAIL
COLLECTION DETAIL FOR CITY SALES TAX
JANUARY 2011JANUARY 2012CHANGE
Current Period Collections:
$7,199,676$7,895,5919.7%
Other Collections:
$255,533$234,353-8.3%
Audit Collections:
$281,211$52,181-81.4%
Service Fee:
($154,728)($163,642)5.8%
Retainage:
$91,688$79,745-13.0%
Net Payment
$7,673,380$8,098,2275.5%
Current Period Collections
11.2%
9.7%
6.0%
5.7%
5.4%
5.0%
4.2%4.3%
3.9%
3.4%
2.8%
2.4%
Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12
City Sales Tax Trend: Variance for the most recent months vs. same period last year.
Note:
tax improvement.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9476
March 20, 2012
To the Mayor and Members of the City Council
Page 2 of 2
SUBJECT: MARCH 2012 SALES TAX UPDATE
CITY OF FORT WORTH BUDGET COMPARISON - FY2012
YR END
ADOPTEDBUDGET
BUDGETRE-ESTIMATE
VARIANCE
CITY OF FORT WORTH
$ 102,259,196$ 104,577,8282.3%
CRIME CONTROL AND PREVENTION DIST.
$ 46,304,344$ 46,912,8051.3%
MASS TRANSIT AUTHORITY - THE "T"
$ 47,647,392$ 49,573,6794.0%
Note: For the year, the City has collected $2,318,632 or 2.3% more than the FY2012 adopted
budget. Although the City finished FY2011 strong with collections, Staff recommends maintaining a
conservative forecast for FY2012 since we continue to experience a level of uncertainty with the
national economy and potential audit adjustments.
The following chart demonstrates how our trend compares to the state and other cities:
CITY OF FORT WORTH
CITY COMPARISONS - FY 2012 v. FY 2011
CITYQTR 1JANYTD
BURLESON17.9%23.9%19.1%
GRAND PRAIRIE19.4%3.7%15.5%
NORTH RICHLAND HILLS13.0%9.4%
8.5%
KELLER9.4%4.2%8.3%
EULESS8.7%4.8%7.8%
WATAUGA7.3%1.8%6.2%
DALLAS5.7%8.0%6.2%
ARLINGTON3.3%10.9%4.9%
SOUTHLAKE4.0%0.4%3.3%
FORT WORTH2.2%5.5%3.0%
BEDFORD2.5%-0.1%1.9%
HURST-1.7%0.6%-1.2%
GRAPEVINE-4.7%-1.9%-4.1%
STATE TOTAL12.4%9.5%11.6%
Note: YTD collections for Fort Worth are up 3.0% compared to last year.
Again, hopefully you find this additional information helpful. If you have any questions, please call
Horatio Porter, Budget Officer, at 817.392.2379.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS