HomeMy WebLinkAboutIR 9389INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9389
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 June 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 April and in prior months.
In this report, you will see our sales tax collection compared to last year and the impact on the current
year's budget.
MONTHLY SALES TAX COLLECTIONS FOR APRIL
CITY OF FORT WORTH
APRIL FY2011 $ 6,572,158 DOLLAR VARIANCE % VARIANCE
APRIL FY2010 $ 7,841,444 ($1,269,286) 7W -16.19% 7W
$831
.0 $7.07 $7.52 $7.67 $7.84
K21 $6.57
2 $5.61 $5.46 $5.71 ® = M = =
2002 2003 2004 2005 2006 2007 2008 2009 2010 201'
7.27%
Current Period Collections:
2.73%
7.11%
4.87% 4.97%
3.43% 3.86%
October November December January February March April
City Sales Tax Trend: Variance for the most recent months vs. same period last year.
Note: Despite the audit adjustment, as you can see above, "Current Period" collections have a
positive trend signaling continued improvement in real economic activity.
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COLLECTION DETAIL FOR CITY SALES TAX
APRIL 2010
APRIL 2011
CHANGE
Current Period Collections: 7,716,178
$ 8,014,261
3.86%
Other Collections:
86,100
47,690
-44.61%
Audit 0011 6ctions�
53,856,
-10,18.43%,
Service Fee:
(159,123)
(132,978)
-16.43%
Retainage:
44,434
56,248
26,59%
Net Payment
7,841,444
6,5729158
-16.19%
7.27%
Current Period Collections:
2.73%
7.11%
4.87% 4.97%
3.43% 3.86%
October November December January February March April
City Sales Tax Trend: Variance for the most recent months vs. same period last year.
Note: Despite the audit adjustment, as you can see above, "Current Period" collections have a
positive trend signaling continued improvement in real economic activity.
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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9389
To the Mayor and Members of the City Council June 14, 2011
ro'o' PATE'v, .4 Page 2 of 2
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SUBJECT: June 2011 - Sales Tax Update
CITY OF FORT WORTH BUDGET COMPARISON - FY2011
YTD
YTD
YTD
APRIL
BUDGET
ACTUAL
VARIANCE
3.00%
CITY OF FORT WORTH $ 55,301,331 $
57,839,354
4.59%
7.28%
CRIME CONTROL AND PREVENTION DIST. $ 24,242,382 $
26,645,718
9.91%
HURST
MASS TRANSIT AUTHORITY - THE "T" $ 26,144,770 $
27,149,787
3.84%
5.35%
ADOPTED
BUDGET
YR END
APRIL
BUDGET
RE-ESTIMATE
VARIANCE
3.00%
CITY OF FORT WORTH $ 96,351,438
$ 98,889,461
2.63%
7.28%
CRIME CONTROL AND PREVENTION DIST. $ 42,237,472
$ 44,640,807
5.69%
HURST
MASS TRANSIT AUTHORITY - THE "T" $ 45,552,000
$ 46,557,016
2.21 %
5.35%
Note: Although the City has approximately $2.5M in audit adjustments from prior periods, total
collections are $2,538,023 more than budget. Staff recommends maintaining a conservative forecast,
due to additional audit adjustments by the Comptroller.
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CITY
• FORT WORTH
CITY COMPARISONS - FY 2011 v. FY 201
CITY
QTR 1
QTR 2
APRIL
YTD
GRAPEVINE
13,59%
3.00%
9.60%
8.61%
EULESS
7.28%
6,60%
2,25%
6.24%
HURST
6,62%
2.80%
8.76%
5.35%
BURLESON
14.02%
-1.10%
-1.96%
5.34%
SOUTHLAKE
2.15%
8.00%
4.40%
4.74%
DALLAS
3.59%
4.70%
3.23%
4.01%
ARLINGTON
8.10%
0.50%
-1.68%
3.48%
WATAUGA
6.13%
0.40%
1.63%
3.11%
FORTWORTW,
�290
0� 9 M
KELLER
2.81%
-2A0%
6.81%
1,07%
NORTH RICHLAND HILLS
5.27%
-3.00%
-2.11%
0.79%
GRAND PRAIRIE
-6.73%
-2.70%
2.03%
-3.85%
BEDFORD
-0.61%
-7.90%
-3.11%
-4.17%
STATE TOTAL 8.26% 10.00% 11.39% 9.47%
Note: YTD collections for Fort Worth are up 2.24% compared to last year.
01111407,73-TIOR
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS