HomeMy WebLinkAboutIR 943410411M F i L1 MIN Z,
To the Mayor and Members of the City Council September 20, 2011
Page 1 of 2
SUBJECT: September 2011 — Sales Tax Update
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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 September 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
July. 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.
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MONTHLY SALES TAX COLLECTIONS FOR JULY
CITY OF FORT WORTH
JULY FY2011 $ 8,331,018 DOLLAR VARIANCE % VARIANCE
JULY FY2010 $ 8,908,974 ($577,956) - 6.49%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Note: The City experienced 2.81% or $217,141 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. However, the
City's net payment for July sales tax collections was down $577,956 compared to last year because
of a large audit adjustment reported in July 2010.
COLLECTION DETAIL FOR CITY SALES TAX
JULY 2010 JULY 2011
CHANGE
Current Period Collections: $ 7,727,612 $ 7,944,753
2.81%
Other Collections: 247,048 377,589
52.84%
AuditCcllectians. 1,111,127 62,680,,_
- 94.36 %,
Service Fee: (181,716) (167,700)
-7.71%
Retainage: 4,903 113,697
2218.86%
Net Payment $ 8,908,974 $ 8,331,018
-6.49%
2.73% 3.43% 3.86% 2.42% 2.81%
Current Period Collections:
October November December January February March April May
June
July
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.
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
I Mi, &INX U, f WBERS No. 9434
To the Mayor and Members of the City Council September 20, 2011
fi Page 2 of 2
SUBJECT: September 2011 - Sales Tax Update
I
IN I two]: a 11012 A "'T 01 ty "M -0] 1190" E0101M a -11 N 111-ANOW
YTD
YTD
YTD
12.10%
BUDGET
ACTUAL
VARIANCE
FORT WORTH
CITY OF FORT WORTH $ 79,263,904 $
86,898,792
9,63%
$1.04%'�
CRIME CONTROL AND PREVENTION DIST. $ 34,746,829 $
39,233,943
12.91%
2.15%
MASS TRANSIT AUTHORITY - THE "T" $ 37,473,539 $
40,973,818
9,34%
6.98%
ADOPTED
BUDGET
YR END
12.10%
BUDGET
RE-ESTIMATE
VARIANCE
FORT WORTH
CITY OF FORT WORTH $ 96,351,438
$ 103,986,326
7.92%
$1.04%'�
CRIME CONTROL AND PREVENTION DIST. $ 42,237,472
$ 46,724,586
10.62%
2.15%
MASS TRANSIT AUTHORITY - THE "T" $ 45,552,000
$ 49,052,279
7.68%
6.98%
Note: The City estimated collections total $7,634,888 more than budget. The City and Comptroller
have finalized a twenty year payment arrangement on sales tax paid in error by two major entities.
The audit adjustments withheld from May through August has been reinstated as part of the long-term
payment arrangement. Staff recommends maintaining a conservative forecast since we continue to
experience a level of uncertainty with the national economy.
The following chart demonstrates how our trend compares to the state and other cities:
CITY OF FORT WORTH
CITY COMPARISONS - FY 2011 v. FY 2010
CITY QTR I QTR 2 QTR 3 JUNE JULY YTD
BURLESON 14.02% -1.11% 16.85% 10.95% 9.16% 10.08%
GRAPEVINE
13.59%
2.97%
12.10%
15.06%
-2.25%
8.43%
FORT WORTH
9.290%',
0.90%
12.49%,',
$1.04%'�
-6.49%,
6.09%
SOUTHLAKE
2.15%
8.05%
7.90%
8.74%
6.98%
5.92%
EULESS
7.28%
6.60%
3.58%
8.35%
7.51%
5.91%
DALLAS
3.59%
4.69%
3.71%
3.90%
22.95%
5.69%
HURST
6.62%
2.82%
3.44%
1.13%
7.83%
4.73%
ARLINGTON
8.10%
0.47%
0.06%
-1.85%
18.55%
4.32%
WATAUGA
6.13%
0.35%
-0.18%
-4.47%
4.70%
2.39%
KELLER
2.81%
-2.37%
2.83%
8.93%
12.44%
2.08%
NORTH RICHLAND HILLS
5.27%
-2.96%
-1.45%
-3.39%
-5.64%
-0.25%
GRAND PRAIRIE
-6,73%
-2.74%
1.49%
-0,81%
0.11%
-2.31%
BEDFORD
-0.61%
-7.89%
-7.12%
-6.61%
-9.04%
-5.62%
STATE TOTAL
8.26%
10.02%
9.55%
7.19%
10.28%
9.38%
Note: YTD collections for Fort Worth are up 6.09% 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
Interim City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS