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HomeMy WebLinkAboutIR 9458 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9458 January 24, 2012 To the Mayor and Members of the City Council Page 1 of 2 SUBJECT: January 2012 Sales Tax Update In response to the volatile nature of sales tax revenue, the Staff is committed to providing you a brief on January 11th. 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, y sales tax collection compared to last year and the impact on t MONTHLY SALES TAX COLLECTIONS FOR NOVEMBER CITY OF FORT WORTH NOVEMBER FY2012$8,466,199 DOLLAR VARIANCE% VARIANCE NOVEMBER FY2011$7,559,575$906,62412.0% $8.47 $7.79$7.77 $7.56 $7.29 $7.24 $7.22 $5.80 $5.10$5.10 FY2003FY2004FY2005FY2006FY2007FY2008FY2009FY2010FY2011FY2012 Note: net payment for sales tax collections was up $906,624 or 12.0% compared to this month last year. November in history. As depicted in the table below, the City experienced $831,222 or 11.2% in positive growth when -to-month current period collections. This positive trend has continued in current period collections. CITY OF FORT WORTH COLLECTION DETAIL COLLECTION DETAIL FOR CITY SALES TAX NOVEMBER 2010NOVEMBER 2011CHANGE Current Period Collections: $7,441,806$8,273,02811.2% Other Collections: $168,681$218,24629.4% Audit Collections: $100,968$167,71766.1% Service Fee: ($154,229)($173,180)12.3% Retainage: $2,349($19,612)-934.9% Net Payment $7,559,575$8,466,19912.0% Current Period Collections 11.2% 7.1% 6.0% 5.4%5.7% 4.9%5.0% 4.2% 3.9% 3.4% 2.8% 2.4% Dec-10Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-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. 9458 January 24, 2012 To the Mayor and Members of the City Council Page 2 of 2 SUBJECT: January 2012 Sales Tax Update CITY OF FORT WORTH BUDGET COMPARISON - FY2012 YR END ADOPTEDBUDGET BUDGETRE-ESTIMATE VARIANCE CITY OF FORT WORTH $ 102,259,196$ 103,310,5161.0% CRIME CONTROL AND PREVENTION DIST. $ 46,304,344$ 46,734,5100.9% MASS TRANSIT AUTHORITY - THE "T" $ 47,647,392$ 48,579,3952.0% Note: For the year, the City has collected $1,051,320 or 1.0% 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 s Note: YTD collections for Fort Worth are up 4.9% 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