HomeMy WebLinkAboutIR 9338INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9338
To the Mayor and Members of the City Council December 14, 2010
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• SUBJECT: OCTOBER 2010 — SALES TAX UPDATE
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 December
Stn Sales tax reporting experiences a two month lag and this December report reflects taxes that
were collected in October.
This report compares sales tax collection to the same month in the previous year and
demonstrates the impact on this year's budget. Additionally, the report includes a comparison for
neighboring cities. This chart demonstrates how our trend compares to others.
City of Fort Worth
Monthly Collections
FY11 vs. FY10
October October Favorable
FY2011 FY2010 Var % Var
Sales Tax Revenue $7,724,915 $7,089,510 $635,405 9.0%
Note: The City's sales tax collections increased $635,405 compared to last October. This
continues the positive trend we experienced in the final months of FY2010. While far from the
record high of $8,574,258 collected in October of FY2009, this year over year growth does
suggest we are recovering from the effects of the recession.
City of Fort Worth
Budget Comparison
October YTD FY2011 Projection
Actual Budget %Var Reestimate Budget %Var
$7,724,915 $7,061,785 9.4% $97,014,568 $96,351,438 0.7%
Note: In October, the City collected $663,130 more than budget. For the full year we project
sales tax revenue collections will be 0.7% more than the adopted budget.
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
a
• y SUBJECT: OCTOBER 2010 — SALES TAX UPDATE
+•Ts
City of Fort Worth
City Comparisons
FYI vs. FYI
CITY YTD CHANGE
BURLESON
16.9%
ARLINGTON
16.6%
EULESS
14.8%
GRAPEVINE
13.3%
FORT WORTH
9.0%
WATAUGA
8.7%
DALLAS
4.7%
SOUTHLAKE
3.6%
GRAND PRAIRIE
3.4%
NORTH RICHLAND HILLS
2.4%
HURST
2.3%
BEDFORD
2.1%
KELLER
-2.5%
STATE TOTAL
6.6%
No. 9338
December 14, 2010
Page 2 of 2
Note: The above chart shows the sales tax revenue compared to other cities. October
collections in Fort Worth again were 9.0% above October of 2009. Collections in most area cities
were higher than last year, signaling a possible recovery for the entire metroplex. Collections in
Burleson and Arlington increased by more that 16% in large part because of new development
along 1 -35 and activities at Cowboy Stadium. Only Keller had a decline in sales tax revenue
compared to the previous year. Total collections for the state increased 6.6 %.
Again, hopefully you find this additional information helpful. If you have any questions, please call
Horatio Porter, Budget Officer, at 817.392.2379.
Dale A. Fisseler, P.E.
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS