HomeMy WebLinkAboutIR 9307INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9307
To the Mayor and Members of the City Council October 12, 2010
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• Y SUBJECT: AUGUST 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 October
6th. Sales tax reporting experiences a two month lag and this October report reflects taxes that
were collected in August.
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
August August Favorable
2010 2009 $ Var % Var
Sales Tax Revenue $7,886,903 $7,367,207 $519,696 7.1%
Note: This month, the City's sales tax collections were slightly higher than the previous year.
August collections were $519,696 more than last year. Recent sales tax collections demonstrate
a moderate improvement compared to results from the beginning of the fiscal year. It appears
the retrenchment of sales tax revenue has subsided and this could signal the start of a recovery.
City of Fort Worth
Budget Comparison
AuEust YTD FY2010
Budget $89,082,524 Budget $98,866,421
Actual $ Var % Var Reestimate $ Var Var
$89,794,275 $7119751 0.8% $98,992,881 $126,460 0.1%
Note: Through the first eleven months of the year; the City collected $711,751 more than budget.
For the full year staff projects sales tax revenue will be over the adopted budget by $126,460.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 9307
October 12, 2010
To the Mayor and Members of the City Council
•"T`;'�a
Page 2 of 2
• Y SUBJECT: AUGUST 2010 - SALES TAX UPDATE
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City of Fort Worth
City Comparisons
FY10 vs. FY09
CITY QTR 1 QTR 2 QTR 3
JULY AUG YTD
WATAUGA -3.4% 6.9% 9.6%
6.7% 5.5% 4.3%
ARLINGTON -1.6% 6.8% 3.1%
-1.7% 1.5% 2.2%
NORTH RICHLAND HILLS -4.6% 5.0% 3.9%
13.3% 13.4% 3.2%
BURLESON -6.5% -1.3% 6.0%
7.5% 22.7% 1.8%
BEDFORD -2.1% 2.2% 0.9%
5.6% 6.0% 1.7%
GRAPEVINE -0.3% 2.2% -1.8%
7.7% 13.5% 1.7%
SOUTHLAKE -3.4% 0.5% 5.0%
9.1% 5.0% 1.3%
FORT WORTH -7.6% -2.4% -0.1%
25.1% 7.1% -0.4%
GRAND PRAIRIE 0.8% -7.3% 3.9%
4.0% -0.1% -0.4%
DALLAS -9.7% 0.7% 1.3%
0.7% 6.1% -1.9%
HURST -8.4% 0.4% 1.9%
0.7% 3.2% -2.0%
KELLER -9.0% 4.7% -1.6%
-12.0% 2.1% -2.7%
EULESS -14.4% -5.5% 7.4%
4.4% 9.2% -2.8%
STATE AVG -13.0% -10.5% 1.2%
2.2% 0.8% -6.0%
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.
Our YTD results of -.4% are consistent with expectations. The
August collections suggest the
worst in behind us.
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.
Dale A. Fiss , P.E.
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS