HomeMy WebLinkAboutIR 10272
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10272
May 14, 2019
To the Mayor and Members of the City Council
Page 1 of 3
SUBJECT: MARCH 2019 SALES TAX UPDATE
Sales tax revenue represents approximately twenty-two percent (22.3%)
anticipated revenue in Fiscal Year 2019. It is the second largest revenue source, with property tax being
the largest. In addition, sales tax revenue represents the largest revenue source in the Crime Control
and Prevention District Fund. Staff is committed to providing regular updates on this important and
sometimes volatile March 2019 (Fiscal Year
2019, Period 6 collection results on May 8th, 2019. Actual receipts are dependent upon the timeliness
and accuracy of sales tax payers' returns. This report provides
compared to last year
M ARCH N ET S ALES T AX C OLLECTIONS (10-YEAR H ISTORY)
$15.4
$14.6
$14.1
$13.2
$10.0
$12.7
$12.1
$11.5
$10.8
$10.5
12345678910
The Citup $725,679 or 5.0%, compared to the same month last year. As
depicted in the table below, the City experienced $563,563 or a 3.8% increase when compared to last
Current period collections include transactions that were
collected for the current period on schedule within the due date.
C OLLECTION D ETAIL FOR C ITY S ALES T AX
March 18March 19Variance ($)Variance (%)
Current Period Collections$14,891,583$15,455,145$563,5633.8%
Other Collections
261,337221,156(40,181)(15.4%)
Audit Adjustments
(136,631)76,089212,720155.7%
Service Fee
(300,326)(315,048)(14,722)(4.9%)
Retainage
(76,353)(72,054)4,2995.6%
Net Collections
$14,639,611$15,365,289$725,6795.0%
*O THER C OLLECTIONS ARE PAYMENTS ATTRIBUTED TO NON-CURRENT COLLECTIONS INCLUDING PRIOR PERIOD, F UTURE PERIOD AND U NIDENTIFIED
C OLLECTIONS. (A UDIT ADJUSTMENTS MAY FLUCTUATE BASED UPON RESULTS OF TAXPAYER SALES TAX AUDITS CONDUCTED BY THE S TATE OF T EXAS.)
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10272
May 14, 2019
To the Mayor and Members of the City Council
Page 2 of 3
SUBJECT: MARCH 2019 SALES TAX UPDATE
C URRENT P ERIOD C OLLECTIONS
Change Compared to Same Month in Prior Year
9.9%
8.8%
9.6%
7.2%
8.3%
7.4%
4.6%
4.5%
3.8%
3.6%3.6%
2.6%
Apr-18May-18Jun-18Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19
General Fund sales tax collections as of FY2019 M06 are 101% to budget, and at 106% for
the same period last year. ax
collections as of FY2019 M06 are 102% to budget, and 107% for the same period last year.
C ITY O F F ORT W ORTH YTD N ET C OLLECTIONS C OMPARISON
Budget as of Current Receipts FY2018 Receipts
Period 6Through Period 6Through Period 6
CITY OF FORT WORTH
GENERAL FUND $81,218,938$82,090,294$77,143,465
CRIME CONTROL AND PREVENTION DISTRICT38,171,31438,913,90136,403,271
TOTAL $119,390,252$121,004,195$113,546,736
C ITY OF F ORT W ORTH B UDGET C OMPARISON FY2019
Projected
Variance to Amended
AdoptedAmendedFiscal Year
BudgetBudgetProjections($)(%)
CITY OF FORT WORTH
GENERAL FUND $163,151,802$163,151,802$163,151,802$00.0%
CRIME CONTROL & PREVENTION DISTRICT$76,678,160$76,678,160$76,678,160$00.0%
The City anticipates collecting $163,151,802 by fiscal year end, which matches original estimates in the
FY2019 adopted budget.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10272
May 14, 2019
To the Mayor and Members of the City Council
Page 3 of 3
SUBJECT: MARCH 2019 SALES TAX UPDATE
The chart below indicates how current year sales tax net collections in Fort Worth and other select cities
in the state compare to FY2018 collections for the same period.
C ITIES C OMPARISON N ET COLLECTIONS
FY2019 vs. FY2018
City1st Quarter2nd QuarterMarchYTD
IRVING113.0%122.2%112.9%117.6%
ARLINGTON
111.3%105.9%108.1%108.6%
EL PASO
102.8%104.7%105.0%103.7%
FORT WORTH
106.2%106.6%105.0%106.4%
HOUSTON
99.2%102.1%103.2%100.6%
GRAND PRAIRIE
104.1%103.8%102.9%104.0%
MCKINNEY
105.8%104.7%102.6%105.3%
AUSTIN
108.0%106.3%102.3%107.2%
FRISCO
103.1%100.5%100.2%101.8%
SAN ANTONIO
106.6%103.3%98.5%105.0%
GARLAND
103.1%100.4%98.0%101.8%
DALLAS
104.7%103.0%96.8%103.8%
PLANO
103.0%98.6%95.6%101.0%
Source: Allocation Payment Detail and Monthly All Fund Revenue Report, Texas Comptroller of Public Accounts
If you have any questions, please call Terry Hanson, Assistant Director of Budget and Analysis, at
817-392-7934.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS