HomeMy WebLinkAboutIR 9381INFORMAL REPORT TO CITY COUNCIL MEMBERS 9381
No.
To the Mayor and Members of the City Council May 17, 2011
Page 1 of 2
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SUBJECT: May 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 May
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 March
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.
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Note: The City's March sales tax collections were down $671,335 compared to last year. This
drop is due to a one time audit adjustment of approximately $1.1 M. A single entity filed a refund
for taxes paid on tax exempt equipment. The refund stemmed from an audit that occurred
between 2004 and 2007. This is clearly an isolated and unusual event,
COLLECTION DETAIL FOR CITY SALES TAX
MARCH 2010 MARCH 2011 CHANGE
Current Period Collections: $ 10,169,658 $ 10,629,138 4.52%
Audit Collections: 49,693 (1,112,477) -2338,68%
Service Fee: (204,463) (190,374) -6.89%
Retainage: (66,771) (47,725) -28.52%
Unidentified: 3,798 2,018 -46.87%
Net Payment $ 9,951,915 $ 9,280,580 -6.75%
Note: As you can see below, "Current Period" collections have a positive trend signaling
continued sales tax improvement.
7.27% 7.11%
Current Period Collections: 2.73% 4.87% 4.97% 4.52%
October November December January February March
City Sales Tax Trend: Variance for the last six months vs. same period last year.
-SSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT MEMBERS •
i
To the Mayor and Members of the City Council May 17, 2011
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SUBJECT: May 2011 - Sales Tax Update
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CITY OF FORT WORTH BUDGET COMPARISON - FY2011
YTD
YTD
YTD
MARCH
BUDGET
ACTUAL
VARIANCE
3.00%
CITY OF FORT WORTH $ 47,898,398 $
51,267,195
7.03%
7.28%
CRIME CONTROL AND PREVENTION DIST. $ 20,997,167 $
22,946,121
9.28%
BURLESON
MASS TRANSIT AUTHORITY - THE "T" $ 22,644,891 $
23,992,684
5.95%
6.53%
ADOPTED
BUDGET
YR END
MARCH
BUDGET
RE- ESTIMATE
VARIANCE
3.00%
CITY OF FORT WORTH $ 96,351,438
$ 99,720,235
3.50%
7.28%
CRIME CONTROL AND PREVENTION DIST. $ 42,237,472
$ 44,186,426
4.61 %
BURLESON
MASS TRANSIT AUTHORITY - THE "T" $ 45,552,000
$ 46,899,793
2.96%
6.53%
Note: Through March, the City has collected a total of $3,368,797 more than budget. While the
YTD results are overall favorable, staff recommends maintaining a conservative forecast.
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CITY OF FORT WORTH
CITY COMPARISONS 2011 ` 1
CITY
QTR 1
QTR 2
MARCH
YTD
GRAPEVINE
13.59%
3.00%
-1.09%
8.47%
EULESS
7.28%
6.60%
-0.40%
6.94%
BURLESON
14.02%
-1.10%
-4.36%
6.53%
FORT WORTH
9.29%
0.90%
- 615%
5.21%
HURST
6.62%
2.80%
-0.26%
4.91%
SOUTHLAKE
2.15%
8.00%
12.39%
4.79%
ARLINGTON
8.10%
0.50%
1.63%
4.30%
DALLAS
3.59%
4.70%
6.78%
4.13%
WATAUGA
6.13%
0.40%
-6.29%
3.32%
NORTH RICHLAND HILLS
5.27%
-3.00%
-6.23%
1.23%
KELLER
2.81%
-2.40%
-7.73%
0.20%
BEDFORD
-0.61%
-7.90%
- 12.77%
-4.33%
GRAND PRAIRIE
-6.73%
-2.70%
- 13.45%
-4.77%
STATE TOTAL 8.26% 10.00% 9.93% 9.13%
Note: r collections for Fort Worth are % 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.
r BY THE CITY MANAGER FORT WORTH, TEXAS