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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9487
April 17, 2012
To the Mayor and Members of the City Council
Page 1 of 2
SUBJECT: April 2012 Sales Tax Update
Staff is
committed to providing you regular updates on this important and sometimes volatile revenue source.
monthly results on April 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 February. In this report, you will see
sales tax collection compared to last year, the mix of sales tax revenue and the impact
the result are having
MONTHLY NET SALES TAX COLLECTIONS FOR FEBRUARY
CITY OF FORT WORTH
FEBRUARY FY2012$8,372,050
DOLLAR VARIANCE% VARIANCE
FEBRUARY FY2011$6,954,834$1,417,21720.4%
$8.4
$7.2
$7.0$6.9$7.0
$6.7
$6.3
$5.3
$4.7$4.8
FY2003FY2004FY2005FY2006FY2007FY2008FY2009FY2010FY2011FY2012
Note: up $1,417,214 or 20.4% compared to this
month last year, making this by far the highest February collection on record, easily surpassing the
previous high in FY2008. As depicted in the table below,
strong signaling a continued improvement in pure economic activi
CITY OF FORT WORTH COLLECTION DETAIL
COLLECTION DETAIL FOR CITY SALES TAX
FEBRUARY 2011FEBRUARY 2012CHANGE
Current Period Collections:
$6,845,302$8,103,30218.4%
Other Collections:
$121,701$327,323169.0%
Audit Collections:
$116,712$119,6472.5%
Service Fee:
($141,674)($171,005)20.7%
Retainage:
$12,793($7,216)-156.4%
Net Payment
$6,954,834$8,372,05020.4%
18.4%
Current Period Collections
11.2%
9.7%
5.7%6.0%
5.4%
4.2%4.3%
3.4%3.9%
2.4%2.8%
Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12
City Sales Tax Trend: Variance for the most recent months vs. same period last year.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9487
April 17, 2012
To the Mayor and Members of the City Council
Page 2 of 2
SUBJECT: April 2012 Sales Tax Update
The City of Fort Worth is extremely fortunate to receive sales t
industries. The following chart illustrates the diversity and stngth of our sales tax base.
CITY OF FORT WORTH BUDGET COMPARISON - FY2012
YR END
ADOPTEDBUDGET
BUDGETRE-ESTIMATE
VARIANCE
CITY OF FORT WORTH
$ 102,259,196$ 106,084,5503.7%
CRIME CONTROL AND PREVENTION DIST.
$ 46,304,344$ 47,465,2122.5%
MASS TRANSIT AUTHORITY - THE "T"
$ 47,647,392$ 50,524,0626.0%
Note: For the year, the City has collected $3,825,354 or 3.7% more than the FY2012 adopted
budget. Likewise, you will see how the positive results are affecting ou
results are encouraging, Staff recommends maintaining a conservative forecast for FY2012 as we
continue to experience uncertainty with the national economy and potential audit adjustments.
Note: YTD collections for Fort Worth are up 5.8% 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