HomeMy WebLinkAboutIR 9024INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9024
To the Mayor and Members of the City Council March 24, 2009
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SUBJECT: Sales Tax Update Through January 2009
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 March 11,
2009. You may recall, sales tax reporting experiences a two month lag and this March report
reflects taxes that were collected in January.
Below you will find the January 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 Comparison
January January Unfavorable
2009 2008 $ Variance % Variance
Sales Tax Revenue $ 7,405,481 $ 7,548,735 $ (143,254) -1.9%
Note: For the month of January, the City's sales tax collections were down only $143,254
compared to last year. This is an improvement over December which had an $870,000 decline.
City of Fort Worth
Actual vs Budget
Year to Date - FY2009
Favorable
Actual Budget Variance % Variance
Sales Tax Revenue $ 34,508,762 $ 34,405,042 $ 103,720 0.3%
Note: For the first 4 months of this fiscal year the City collected $103,720 more than budgeted.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS