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HomeMy WebLinkAboutIR 9371INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9371 To the Mayor and Members of the City Council March 22, 2011 a ��psaq�o Page 1 of 2 SUBJECT: March 2011 — Sales Tax Update fall In response to the volatile nature of sales tax revenue, the Staff committed to providing you a brief update of the sales tax collections. The Texas Comptroller's Office posted results on March 9th. 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 January 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. CITY OF FORT WORTH MONTHLY COLLECTIONS JANUARY - FY2011 v. FY2010 $8,000,000 $7,673,380 DOLLAR $7,500,000 VARIANCE $616,025 $7,057,355 $7,000,000 PERCENTAGE VARIANCE 8.73% $6,500,000 FY 2011 FY 2010 FAVORABLE Note: The City's January sales tax collections were up $616,025 compared to last year. The highest historical collection period for January was in 2008 and the current collection exceeded this record by $124,644. Data suggest substantial collection growth in general merchandise retail stores and manufacturing. CITY OF FORT WORTH BUDGET COMPARISON - FY2011 YTD BUDGET $ 31,774,239 YTD VARIANCE YTD ACTUAL $ 35,031,782 10.25% ADOPTED BUDGET $ 96,351,438 YEAR END VARIANCE BUDGET RE- ESTIMATE $ 99,608,980 3.38% Note: Through January, the City has collected a total of $3,257,542 more than budget. While the YTD results are favorable, staff recommends maintaining a conservative forecast for the next several months. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9371 To the Mayor and Members of the City Council March 22, 2011 �p1lTEp SO Page 2 of 2 SUBJECT: March 2011 — Sales Tax Update far$ The following chart demonstrates how our trend compares to the state and other cities: CITY OF FORT WORTH CITY COMPARISONS - FY2011 v. FY2010 CITY QTR 1 JAN YTD GRAPEVINE 13.59% 4:90% 11.69% BURLES ©N 14.02% 2.38% 11.50% FORT WORTH', 9.2996 8.73%, 9.17% EULESS 7.28% 1157% 847% HURST 6.62% 533% 6.45% WATAUGA 613% 5.97% 6,10% ARLINGTON 8.10% 488% 5-12% SOUTHLAKE 2.15% 15.37% 4.68% NORTH RICHLAND HILLS 5.27% - 131%x 162% DALLAS 3.59% 0.45% 2.87% KELLER 2.81% 0.95% 2,41'% BEDFORD -0.61% 6.81% - 2,08% GRAND PRAIRIE - 633'%► 6.66% - 3,71% STATE TOTAL 8.25% 10.43% 6.81% Note: YTD collections for Fort Worth are also up 9.17% compared to last year as the city has experienced recovery in recent months and actual growth for December and January. The Comptroller's office is projecting statewide economic growth through 2013 therefore we believe this steady growth will continue. Staff will continue to monitor this volatile revenue source throughout the year and provide an update to the City Council on a monthly basis. Again, hopefully you find this additional information helpful. If you have any questions, please call Horatio Porter, Budget Officer, at 817.392.2379. To Higgins Interim City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS