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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9468
February 14, 2012
To the Mayor and Members of the City Council
Page 1 of 2
SUBJECT: FEBRUARY 2012 SALES TAX UPDATE
In response to the volatile nature of sales tax revenue, the Staff is committed to providing you a brief
on February 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
December. In this report, y sales tax collection compared to last year and the
impact on t
MONTHLY NET SALES TAX COLLECTIONS FOR DECEMBER
CITY OF FORT WORTH
DECEMBER FY2012$11,935,332
DOLLAR VARIANCE% VARIANCE
DECEMBER FY2011$12,073,912($138,580)-1.1%
$12.07
$11.94
$11.62
$11.19
$10.75$10.73
$10.65
$9.55
$9.00
$8.44
FY2003FY2004FY2005FY2006FY2007FY2008FY2009FY2010FY2011FY2012
Note: As depicted in the table below, the City experienced $503,510 or 4.3% in positive growth when
-to-month current period collections. This positive trend has contin
in current period collections.
balances or amended returns) were higher in December 2010 when compared to December 2011
which affected the total net payment.
CITY OF FORT WORTH COLLECTION DETAIL
COLLECTION DETAIL FOR CITY SALES TAX
DECEMBER 2010DECEMBER 2011CHANGE
Current Period Collections:
$11,659,366$12,162,8764.3%
Other Collections:
$656,289$49,289-92.5%
Audit Collections:
$98,722$38,580-60.9%
Service Fee:
($248,288)($245,015)-1.3%
Retainage:
($92,177)($70,398)-23.6%
Net Payment
$12,073,912$11,935,332-1.1%
Current Period Collections
11.2%
5.7%6.0%
5.4%
4.9%5.0%
4.2%4.3%
3.9%
3.4%
2.8%
2.4%
Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11
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. 9468
February 14, 2012
To the Mayor and Members of the City Council
Page 2 of 2
SUBJECT: FEBRUARY 2012 SALES TAX UPDATE
CITY OF FORT WORTH BUDGET COMPARISON - FY2012
YR END
ADOPTEDBUDGET
BUDGETRE-ESTIMATE
VARIANCE
CITY OF FORT WORTH
$ 102,259,196$ 103,696,0461.4%
CRIME CONTROL AND PREVENTION DIST.
$ 46,304,344$ 46,698,8040.9%
MASS TRANSIT AUTHORITY - THE "T"
$ 47,647,392$ 48,923,9242.7%
Note: For the year, the City has collected $1,436,850 or 1.4% 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
Note: YTD collections for Fort Worth are up 2.2% 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