HomeMy WebLinkAboutIR 9331INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9331
To the Mayor and Members of the City Council November 16, 2010
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SUBJECT: SEPTEMBER 2010 — 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 November
10th. Sales tax reporting experiences a two month lag and this November report reflects taxes
that were collected in September.
Beginning this fiscal year, we have revised this report in hopes of providing you more insightful
information. You will see our sales tax collection compared to last year and the impact on the
current year's budget. Additionally, we have included a historical comparison for neighboring
cities. This chart demonstrates how our trend compares to others.
City of Fort Worth
Monthly Collections
FYI 0 vs. FY09
September September Favorable
2010 2009 $ Var, % Var
Sales Tax Revenue $10,139,875 $9,19806 $941,269 10.2%
Note: This month, the City's sales tax collections were higher than the previous year. September
collections were $941,269 more than last year. Recent sales tax collections demonstrate a
moderate improvement compared to results from the beginning of the fiscal year. Further, this
month illustrates that for FY2010 the City has experienced a recovery from the previous
retrenchment of sales tax revenue collections.
City of Fort Worth
Budget Comparison
Actual Adopted Favorable
FY2010 FY2010 $ Var % Var
Sales Tax Revenue $99,934,150 $98,866,421 $1,067,728 1.1%
Note: The City has collected $1,067,728 more than budget. This final summation generates
some optimism for this revenue source for FY2011.
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 9331
To the Mayor and Members of the City Council
November 16, 2010
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Page 2 of 2
SUBJECT: SEPTEMBER 2010 - SALES TAX UPDATE
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City of Fort Worth
City Comparisons
FY10 vs. FY09
CITY QTR 1 QTR 2 QTR 3
QTR 4 YTD
WATAUGA -3.4% 6.9% 9.6%
8.2% 5.0%
GRAPEVINE -0.3% 2.2% -1.8%
14.8% 3.6%
NORTH RICHLAND HILLS -4.6% 5.0% 3.9%
9.9% 3.3%
BURLESON -6.5% -1.3% 6.0%
14.5% 2.8%
ARLINGTON -1.6% 6.8% 3.1%
0.7% 2.1%
SOUTHLAKE -3.4% 0.5% 5.0%
7.4% 1.9%
BEDFORD -2.1% 2.2% 0.9%
4.5% 1.8%
FORT WORTH -7.6% -2.4% -0.1%
13.7% 0.6%
GRAND PRAIRIE 0.8% -7.3% 3.9%
1.1% -0.4%
KELLER -9.0% 4.7% -1.6%
2.8% -1.0%
DALLAS -9.7% 0.7% 1.3%
4.8% -1.1%
HURST -8.4% 0.4% 1.9%
1.9% -1.6%
EULESS -14.4% -5.5% 7.4%
7.7% -1.7%
STATE AVG -13.0% -10.5% 1.2%
3.1% -5.1%
Note: The above chart shows the trend in sales tax revenue compared to other cities. For the
first quarter of FY2010 the City experienced a -7.6% decline from FY2009, while the second
quarter demonstrates a moderate decline. The third quarter shows a
continued improvement.
The final quarter of the year experienced a 13.7% increase from FY2009 which is indicative of the
moderate growth in the economic environment and consumer confidence. Our YTD results of
.6% are consistent with expectations.
This is the final sales tax update for FY2010. Staff will continue
to monitor this volatile
revenue source. We will 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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Fisseler, P.E.
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS