HomeMy WebLinkAboutIR 9357INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9357
To the Mayor and Members of the City Council February 15, 2011
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SUBJECT: FEBRUARY 2011 — SALES TAX UPDATE
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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 the week
of February 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 December 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
DECEMBER COLLECTIONS - FY 2011 v. FY2010
$12,500,000
$12,073,912 ���
$12,000,000 VARIANCE
$11,500,000 $1,346,017
$11,000,000 $10,727,895 PERCENTAGE
VARIANCE
$10,500,000
12.55%
$10,000,000
FY 2011 FY 2010 FAVORABLE
Note: The City's December sales tax collections were up $1,346,017 compared to last year.
This is the highest recorded collection the City has ever received for a one month period. Recent
data suggest very strong holiday spending as substantial growth occurred in the wholesale trade
(for durable good items such as professional and commercial supplies) and the retail trade
industry sectors (automotive, electronics, gasoline stations and clothing).
CITY OF FORT WORTH BUDGET COMPARISON - FY 2011
YTD BUDGET $25,003,704 YTD VARIANCE
YTD ACTUAL $27,358,402 9.42%
ADOPTED BUDGET $96,351,438 BUDGET VARIANCE
BUDGET RE- ESTIMATE $98,706,136 2.44%
Note: Through December, the City has collected a total of $2,354,698 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. 9357
To the Mayor and Members of the City Council February 15, 2011
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SUBJECT: FEBRUARY 2011 - SALES TAX UPDATE
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The following chart demonstrates how our trend compares to the state and other cities:
CITY OF FORT WORTH
CITY COMPARISONS - FY 2011 v. FY 2010
CITY OCT NOV DEC YTD
BURLESON 16.86% 19.49% 8.94% 14.02%
GRAPEVINE 13.26% 16.25% 12.21% 13.59%
FORT WORTH 8.96% 4.77% 12.55% 9.29%
ARLINGTON 16.63% 9.05% 2.04% 8.10%
EULESS 14.82% 4.94% 3.78% 7.28%
HURST 2.33% 20.28% 1.43% 6.62%
WATAUGA 8.72% 8.36% 3.17% 6.13%
NORTH RICHLAND HILLS 2.35% 10.34% 3.75% 5.27%
DALLAS 4.73% 5.96% 1.33% 3.59%
KELLER - 2.53% 9.25% 2.18% 2.81%
SOUTHLAKE 3.57% 9.87% -3.31% 2.15%
BEDFORD 2.14% 0.09 % -2.85% -0.61%
GRAND PRAIRIE 3.39% - 24.78% -1.44% -6.73%
STATE TOTAL 6.57% 6.54% 10.58% 7.92%
Note: YTD collections for Fort Worth are also up 9.29% compared to last year as the city has
experienced recovery in recent months and actual growth in December. 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.
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Interim City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS