HomeMy WebLinkAbout(0002) IR 10368 - December 2019 - Sales Tax UpdateINFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 10368
To the Mayor and Members of the City Council February 18, 2020
Page 1 of 3
SUBJECT: DECEMBER 2019 — SALES TAX UPDATE
ears
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)
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
Current Period Collections
Other Collections*
Audit Adjustments
Service Fee
Retainage
Net Collections
December 18 December 19
$16,676,084 $18,079,450
270,259
572,613
72,999
40,637
(340,387)
(373,854)
Variance ($) Variance (%)
$1,403,366
8.4%
302,354
111.9%
(32,362)
(44.3%)
(33,467)
(9.8%)
(69,784) (112,673) (42,889) (61.5%)
$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
To the Mayor and Members of the City Council
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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
No. 10368
February 18, 2020
Page 2 of 3
9.6% 7.5% 8.7% °
8.4 /o
° °
3.6% 4.5% W 3.8 /° 5.2% 2.8% 4.5% 3.1 % _ = 3.8 /° -
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
CITY OF FORT WORTH
GENERALFUND
CRIME CONTROL AND PREVENTION DISTRICT
TOTAL
Budget as of Current Receipts FY2019 Receipts
Period 3 Through Period 3 Through Period 3
$44,463,598 $44,868,536 $42,762,861
20,933,529 21,371,519 20,363,155
$65,397,127 $66,240,055 $635126,015
CITY OF FORT WORTH BUDGET COMPARISON — FY2020
Projected
Variance to Amended
Adopted
Amended
Fiscal Year
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
Page 3 of 3
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{ 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