HomeMy WebLinkAboutIR 9043INFORMAL REPORT TO CITY COUNCIL MEMBERS
No, 9043
To the Mayor and Members of the City Council
Page 1 of 2
SUBJECT: May 2009 — 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 May 6. You may recall, sales tax
reporting experiences a two month lag and this May report reflects taxes that were collected in March.
Below you will find the March recap for the City of Fort Worth. You will see our collections compared to
(1) last year, (2) the adopted budget, and (3) neighboring cities. Hopefully this information will provide you
immediate perspective on our results as well as equip you for questions you may have to entertain.
City of Fort Worth
Monthly Collections
FY09 vs. FY08
March March
2009 2008
Sales Tax
Revenue $9936,866 $10,184,269
Unfavorable
Variance % Variance
$ (247,403) -2.4%
Note: For the month of March, the City's sales tax collections were down $247,403 compared to last year.
This downward trend demonstrates a continued reduction in consumer spending.
City of Fort Worth
Actual vs. Budget
Year to Date — FY2009
Unfavorable
A— e= gum Variance % Variance
Sales ue $51,381,404 $51,653,813 $ (272,409) -0.5%
Revenue
Note: For the first 6 months of this fiscal year, we collected $272,409 less than budget. As you can see
that's less than a I% variance.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
SUBJECT: May 2009 - Sales Tax Update
No. 9043
Page 2 of 2
City of Fort Worth
City Comparisons — YTD
FY09 vs. FY08
Cit-V
% Change
BURLESON
6.56%
KELLER
1.49%
FORT WORTH
-1.36%
WATAUGA
-2.52%
ARLINGTON
-2.70%
GRAND PRAIRIE
-4.85%
SOUTHLAKE
-5.08%
HURST
-6.36%
DALLAS
-6.49%
NORTH RICHLAND HILLS
-6.66%
Note: Compared to most cities, we have collected more for the first six months of the year, compared to the
same period last year. This indicates that we continue to fare better than others during this tough economic
cycle.
The March results are consistent with staff's re- estimate forecast for the year. A full recap of Sales Tax
revenue along with all other revenue projections will be in the March Monthly Management Report which
will be distributed on May 26.
Again, hopefully you find this information helpful. If you have any questions, please call Horatio Porter,
Budget Officer, at 817.392.2379.
Dale A. Flsseler, P.E.
City Manager
ISSUED BY THE CITY MANAGER FORT wnRTU Taw A*