HomeMy WebLinkAbout(0004) IR 10353 - Sales Tax October 2019 (2)INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 10353
To the Mayor and Members of the City Council
Da
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1675 SUBJECT: OCTOBER 2019 — SALES TAX UPDATE
December 17, 2019
Page 1 of 3
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 October 2019 (Fiscal Year
2020, Period 1) collection results on December 11th, 2019. 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 being closely monitored and
will be reported on if significant impact is expected.
OCTOBER NET SALES TAX COLLECTIONS (1 O-YEAR HISTORY
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
The City's net sales tax collection is up $983,173 or 7.6%, compared to the same month last year. As
depicted in the table below, the City experienced $1,085,521 or an 8.7% increase in current period
collections when compared to last year's collections for the same month. Current period collections
include transactions that were collected for the current period on schedule within the due date.
COLLECTION DETAIL FOR CITY SALES TAX
October 18 October 19 Variance ($) Variance (%)
Current Period Collections
$12,488,890
$13,574,410
$1,085,521
8.7%
Other Collections
448,130
479,355
31,225
7.0%
Audit Adjustments
265,303
166,631
(98,672)
(37.2%)
Service Fee
(264,046)
(284,408)
(20,361)
(7.7%)
Retainage
30,695
16,155
(14,539)
(47.4%)
Net Collections
$12,968,971
$13,952,144
$983,173
7.6%
"NON -CURRENT COLLECTIONS ARE PAYMENTS ATTRIBUTED TO NON -CURRENT COLLECTIONS INCLUDING PRIOR PERIOD, FUTURE PERIOD AND UNIDENTIFIED
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. 10353
To the Mayor and Members of the City Council
Da
* r rn {
1675 SUBJECT: OCTOBER 2019 — SALES TAX UPDATE
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
9.6%
4.5% 3.8% 5.2%
2.6% 3.6%
December 17, 2019
Page 2of3
7.5% 8.7%
4.5% - ■
3.1
2.8%
Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
(1.1)%
The City's General Fund sales tax collections as of FY2020 M01 are 104.3% to budget, and at 107.6%
for the same period last year. The City's Crime Control and Prevention District Fund (CCPD) sales tax
collections as of FY2020 M01 are 106.1 % to budget, and 108.2% 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 1 Through Period 1 Through Period 1
GENERAL FUND $13,378,851 $13,952,144 $12,968,971
CRIME CONTROL AND PREVENTION DISTRICT 6,298,783 6,684,465 6,178,197
TOTAL $19,677,634 $20,636,609 $19,147,169
CITY OF FORT WORTH BUDGET COMPARISON — FY2019
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 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. 10353
To the Mayor and Members of the City Council
NATEA
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SUBJECT: OCTOBER 2019 — SALES TAX UPDATE
December 17, 2019
Page 3 of 3
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
EL PASO
123.2%
GRAND PRAIRIE
115.6%
IRVING
112.5%
MCKINNEY
111.6%
DALLAS
111.4%
FRISCO
110.7%
FORT WORTH
107.6%
ARLINGTON
107.6%
HOUSTON
106.9%
AUSTIN
104.2%
PLANO
104.2%
GARLAND
103.2%
SAN ANTONIO
101.1 %
STATE TOTAL 107.0%
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 Budget and Analysis, at
817-392-7934.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS