HomeMy WebLinkAboutIR 10368 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10368
To the Mayor and Members of the City Council February 18, 2020
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*a SUBJECT: DECEMBER 2019 — SALES TAX UPDATE
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Sales tax revenue represents approximately twenty-two percent (22.4%) of the City's General Fund
anticipated revenue in Fiscal Year 2020. It is the second largest revenue source, with property tax being
the largest. In addition, sales tax revenue represents the largest revenue source in the Crime Control
and Prevention District Fund. Staff is committed to providing regular updates on this important and
sometimes volatile revenue source. The Texas Comptroller's Office posted December 2019 (Fiscal
Year 2020, Period 3) collection results on February 12th, 2020. Actual receipts are dependent upon the
timeliness and accuracy of sales tax payers' returns. This report provides Fort Worth's sales tax
collection compared to last year and the impact on the current year's budget. Legislation has currently
reformed how sales tax is remitted to the state comptroller. This activity is closely monitored and will be
reported on if significant impact is expected.
DECEMBER NET SALES TAX COLLECTIONS (1 O-YEAR HISTORY)
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FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
The City's net sales tax collection is up $1,597,002 or 9.6%, compared to the same month last year. As
depicted in the table below, the City experienced $1,403,366 or an 8.4% increase in current period
collections when compared to last year's collections for the same month. Last year's current period
collections realized growth of 3.6%. Current period collections include transactions that were collected
for the current period on schedule within the due date.
COLLECTION DETAIL FOR CITY SALES TAX
December 18 December 19 Variance ($) Variance (%)
Current Period Collections $16,676,084 $18,079,450 $1,403,366 8.4%
Other Collections* 270,259 572,613 302,354 111.9%
Audit Adjustments 72,999 40,637 (32,362) (44.3%)
Service Fee (340,387) (373,854) (33,467) (9.8%)
Retainage (69,784) (112,673) (42,889) (61.5%)
Net Collections $16,609,171 $18,206,173 $1,597,002 9.6%
"OTHER COLLECTIONS ARE PAYMENTS ATTRIBUTED TO NON-CURRENT COLLECTIONS INCLUDING PRIOR PERIOD,FUTURE PERIOD,UNIDENTIFIED,AND SINGLE
LOCAL RATE COLLECTIONS.(AUDIT ADJUSTMENTS MAY FLUCTUATE BASED UPON RESULTS OF TAXPAYER SALES TAX AUDITS CONDUCTED BY THE STATE OF
TEXAS.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10368
To the Mayor and Members of the City Council February 18, 2020
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*a SUBJECT: DECEMBER 2019 — SALES TAX UPDATE
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CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
9.6% 7.5% 8.7% °
8.4/°
3.8% 5.2% °
3.6% 4.5% 2,8% 4.5/° 3.1
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
(1.1)%
The City's General Fund net sales tax collections through FY2020 M03 are 100.9% to budget, and at
104.9% for the same period last year. The City's Crime Control and Prevention District Fund (CCPD)
sales tax collections through FY2020 M03 are 102.1% to budget, and 105.0% for the same period last
year.
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
Budget as of Current Receipts FY2019 Receipts
CITY OF FORT WORTH Period 3 Through Period 3 Through Period 3
GENERAL FUND $44,463,598 $44,868,536 $42,762,861
CRIME CONTROL AND PREVENTION DISTRICT 20,933,529 21,371,519 20,363,155
TOTAL $65,397,127 $66,240,055 $63,126,015
CITY OF FORT WORTH BUDGET COMPARISON— FY2020
Projected
Adopted Amended Fiscal Year Variance to Amended
Budget Budget Projections
CITY OF FORT WORTH
GENERAL FUND $172,769,615 $172,769,615 $172,769,615 $0 0.0%
CRIME CONTROL&PREVENTION DISTRICT $81,340,193 $81,340,193 $81,340,193 $0 0.0%
The City anticipates collecting $172,769,615 in the General Fund by fiscal year end, which matches
original estimates in the FY2020 adopted budget.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10368
To the Mayor and Members of the City Council February 18, 2020
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*a SUBJECT: DECEMBER 2019 - SALES TAX UPDATE
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The chart below indicates how current year sales tax net collections in Fort Worth and other select cities
in the state compare to FY2019 collections for the same period.
CITIES COMPARISON- NET COLLECTIONS
FY2020 vs. FY2019
City October November December YTD
MCKINNEY 111.6% 111.0% 117.7% 113.8%
AUSTIN 104.2% 108.2% 114.5% 109.3%
EL PASO 123.2% 106.2% 112.4% 113.4%
FRISCO 110.7% 99.1% 112.3% 107.6%
GARLAND 103.2% 102.1% 110.2% 105.6%
FORT WORTH 107.6% 96.4% 109.6% 104.9%
GRAND PRAIRIE 115.6% 105.0% 109.3% 109.9%
ARLINGTON 107.6% 99.3% 109.2% 105.7%
DALLAS 111.4% 109.1% 109.1% 109.8%
IRVING 112.5% 102.7% 106.7% 107.3%
HOUSTON 106.9% 104.3% 106.2% 105.8%
SAN ANTONIO 101.1% 107.4% 104.4% 104.2%
PLANO 104.2% 106.7% 93.3% 100.1%
STATE TOTAL 107.0% 106.2% 104.8% 106.0%
Source: Allocation Payment Detail and Monthly All Fund Revenue Report, Texas Comptroller of Public Accounts
If you have any questions, please call Terry Hanson, Assistant Director of Planning and Data
Analytics, at 817-392-7934.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS