HomeMy WebLinkAbout(0004) IR 10319 - July 2019 - Sales Tax UpdateINFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 10319
To the Mayor and Members of the City Council
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SUBJECT: JULY 2019 — SALES TAX UPDATE
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September 17, 2019
Page 1 of 3
Sales tax revenue represents approximately twenty-two percent (22.3%) of the City's General Fund
anticipated revenue in Fiscal Year 2019. 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 July 2019 (Fiscal Year 2019,
Period 10 collection results on September 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.
JULY NET SALES TAX COLLECTIONS (10-YEAR HISTORY)
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
The City's net sales tax collection is up $804,239 or 6.4%, compared to the same month last year. As
depicted in the table below, the City experienced $564,286 or a 4.5% increase in current period
collections when compared to last year's collections for the same month. Current period collections
include transactions that were collected for the current period on schedule within the due date.
COLLECTION DETAIL FOR CITY SALES TAX
Current Period Collections
Other Collections
Audit Adjustments
Service Fee
Retainage
Net Collections
July 18
July 19
Variance ($)
Variance (%)
$12,657,174
$13,221,460
$564,286
4.5%
84,517
327,568
243,051
287.6%
5,785
29,494
23,708
409.8%
(254,950)
(271,570)
(16,621)
(6.5%)
44,378 34,192 (10,187) (23.0%)
$12,536,905 $13,341,144 $804,239 6.4%
*OTHER 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
To the Mayor and Members of the City Council
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SUBJECT: JULY 2019 — SALES TAX UPDATE
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CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
9.6%
No. 10319
September 17, 2019
Page 2 of 3
7.2%
4.6% ° 3.6% ° 5.2% 4.5%
3.6% 2.6 /° 4./° 5 3.8% 2.8%
IN - , - mim,mil = E -
Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
(1.1)%
The City's General Fund sales tax collections as of FY2019 M10 are 101.5% to budget, and at 105.5%
for the same period last year. The City's Crime Control and Prevention District Fund (CCPD) sales tax
collections as of FY2019 M10 are 102.7% to budget, and 106.0% for the same period last year.
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
Budget as of Current Receipts FY2018 Receipts
CITY OF FORT WORTH Period 10 Through Period 10 Through Period 10
GENERAL FUND $134,724,093 $136,691,057 $129,523,240
CRIME CONTROL AND PREVENTION DISTRICT 63,317,692 65,036,570 61,326,876
TOTAL $198,041,785 $201,727,627 $190,850,116
CITY OF FORT WORTH BUDGET COMPARISON — FY2019
Projected
Adopted Amended Fiscal Year Variance to Amended
Budget Budget Projections ($) (%)
CITY OF FORT WORTH
GENERAL FUND $163,151,802 $163,303,162 $165,599,079 $2,295,917 1.4%
CRIME CONTROL & PREVENTION DISTRIC- $76,678,160 $76,678,160 $78,211,723 $1,533,563 2.0%
The City anticipates collecting $165,599,079 by fiscal year end, which is a 1.4% increase from the
FY2019 amended budget, or a 1.5% increase from the original adopted budget.
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
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SUBJECT: JULY 2019 - SALES TAX UPDATE
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No. 10319
September 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 FY2018 collections for the same period.
CITIES COMPARISON - NET COLLECTIONS
FY2019 vs. FY2018
City
1st Quarter
2nd Quarter
3rd Quarter
July
YTD
IRVING
113.0%
122.2%
100.6%
116.6%
112.1%
ARLINGTON
111.3%
105.9%
110.0%
123.3%
110.4%
AUSTIN
108.0%
106.3%
108.3%
111.3%
107.9%
GRAND PRAIRIE
104.1 %
103.8%
112.2%
111.1 %
107.3%
FORT WORTH
106.2%
106.6%
103.6%
106.4%
105.5%
SAN ANTONIO
106.6%
103.3%
104.2%
112.0%
105.4%
DALLAS
104.7%
103.0%
106.3%
107.1 %
104.9%
MCKINNEY
105.8%
104.7%
103.3%
107.0%
104.8%
EL PASO
102.8%
104.7%
105.6%
105.5%
104.5%
GARLAND
103.1 %
100.4%
103.0%
109.0%
102.9%
FRISCO
103.1 %
100.5%
100.1 %
109.3%
102.0%
HOUSTON
99.2%
102.1 %
101.3%
102.8%
101.0%
PLANO
103.0%
98.6%
91.4%
101.1 %
98.0%
STATE TOTAL
106.5%
107.3%
105.1 %
104.3%
106.1 %
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