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110 To the Mayor and Members of the City Council
T
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SUBJECT: October 2011 ® Sales Tax Update
In response to the volatile nature of sales tax revenue, the Staff is committed to providing you a brief
update of the sales tax collections. The Texas Comptroller's Office posted results on October 12th.
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
August. In this report, you will see Fort Worth's sales tax collection compared to last year and the
impact on the current year's budget.
MONTHLY SALES TAX COLLECTIONS FOR AUGUST
CITY OF FORT WORTH
AUGUST FY2011 $ 8,129,329 DOLLAR VARIANCE % VARIANCE
AUGUST FY201 0 $ 7,886,903 $ 242,426 3.07%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Note: City's net payment for sales tax collections was up $242,426 or 3.07% compared to this month
last year and is the highest net payment ever received for the month of August. Furthermore, The City
experienced $443,562 or 5.67% in positive growth when compared to last year's month-to-month
current period collections. This positive trend has continued in current period collections throughout
the 2011 fiscal year and is illustrated in the bar chart below.
COLLECTION DETAIL FOR CITY SALES TAX
AUGUST 2010
AUGUST 2011
CHANGE
Current Period Collections: $ 7,817,005
$ 8,260,567
5.67%
Other Collections: 70,827
25,329
-64.24%
Audit Collections: 138,846
7,506
-94.59%
Service Fee: (160,534)
(165,868)
3,32%
Retainage: 20,759
1,796
-91.35%
Net Payment $ 7,886,903
$ 8,129,329
3.07%
213% 143% 186% 2.42% 281%
Current Period Collections:
October November December January February March
April May
June July
August
City Sales Tax Trend: Variance for the most recent months vs. same period last year.
Note: As you can see, "Current Period" collections have a positive trend signaling continued sales
tax improvement.
:SSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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To the Mayor and Members of the City Council
613%
0.35%
AA.
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SUBJECT: October 2011 ® Sales Tax Update
BURLESON
14,02%
-1.11%
16.85%
9.16%
CITY OF FORT WORTH BUDGET COMPARISON - FY2011
10,23%
GRAPEVINE
YTD YTD
YTD
12.10%
BUDGET ACTUAL
VARIANCE
8.22%
CITY OF FORT WORTH $ 86,678,328 $ 95,028,121
9.63%
8.05%
CRIME CONTROL AND PREVENTION DIST. $ 38,406,239 $ 42,964,247
11.87 %0
8.29%
MASS TRANSIT AUTHORITY - THE "T" $ 40,978,851 $ 44,951,444
9.69%
7.28%
ADOPTED BUDGET
YR END
7.51%
BUDGET RE-ESTIMATE
VARIANCE
FORTWORTW,
CITY OF FORT WORTH $ 96,351,438 $ 104,701,231
8.67%
�,,'12.49%
CRIME CONTROL AND PREVENTION DIST. $ 42,237,472 $ 47,204,637
1116%
51,01W,
MASS TRANSIT AUTHORITY - THE "T" $ 45,552,000 $ 49,524,593
8.72%
4,69%
Note: Through October, the City has collected $8,349,793 or 9.63% more than the year-to-date
budget and is 8.67% more than the FY2011 adopted budget. The City is projected to finish the fiscal
year strong with collections. The full year projection of $104,701,231 is actually higher than the
FY2012 budget by $2.4 million. Staff recommends maintaining a conservative forecast since we
continue to experience a level of uncertainty with the national economy.
02151111111173, "1
CITY OF FORT WORTH I
CITY COMPARISONS - FY 2011 v. FY 201 #
CITY QTR 1 QTR 2 QTR 3 JULY AUG YTT
WATAUGA
613%
0.35%
-0.18%
4,70%
106.26%
11,42%
BURLESON
14,02%
-1.11%
16.85%
9.16%
11,66%
10,23%
GRAPEVINE
13.59%
2.97%
12.10%
-2.25%
6.12%
8.22%
SOUTHLAKE
2.15%
8.05%
7.90%
6.98%
8.29%
6.12%
EULESS
7.28%
6.60%
3.58%
7.51%
7.64%
6.07%
FORTWORTW,
929%
0,900%,!�'
�,,'12.49%
-6.49%;
- 3�07%:
51,01W,
DALLAS
3.59%
4,69%
3.71%
22.95%
2M%
5.38%
ARLINGTON
8.10%
0.47%
0.06%
18.55%
9.31%
4.75%
HURST
6.62%
2.82%
3.44%
7.83%
4-22%
4.69%
GRAND PRAIRIE
-6.73%
-2.74%
1.49%
0.11%
58.94%
2.86%
KELLER
2.81%
-2.37%
2.83%
12.44%
7.00%
2.50%
NORTH RICHLAND HILLS
5.27%
-2.96%
-1.45%
-5.64%
-0.25%
-0.25%
BEDFORD
-Ml%
-7.89%
-7.12%
-9.04%
1.02%
-5.06%
8.26% 10.02% 9.55% 10.28% 11.89% 9.62%
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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
Interim City Manager
;SSUED BY THE CITY MANAGER FORT WORTH, TEXAS