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HomeMy WebLinkAboutIR 9518 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9518 To the Mayor and Members of the City Council October 16, 2012 `�` Page 1 of 2 r SUBJECT: AUGUST 2012 - SALES TAX UPDATE r�Fs Sales tax revenue represents approximately 19% of the City's General Fund budget. Staff is committed to providing you regular updates on this important and sometimes volatile revenue source. The Texas Comptroller's Office posted monthly results on October 10th. The results are dependent upon the timeliness and accuracy of sales tax payers' returns. This payment from the State represents taxes collected on sales that occurred primarily in the month of August. In this report, you will see Fort Worth's sales tax collection compared to last year and the impact the results are having on the current year's budget. MONTHLY NET SALES TAX COLLECTIONS FOR AUGUST CITY OF FORT WORTH August FY2012 $8,945,799 DOLLAR VARIANCE %VARIANCE August FY2011 $8,129,329 $816,470 10.0% N C EW FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 Note: August 2012 is the best August on record. The City's net payment for sales tax collection is up $816,470 or 10.0% compared to this month last year. Current period collections increased 7.9% over last year as depicted below. This signals a continued improvement in pure economic activity. In addition, it is likely that FY2012 will have the highest collection on record. CITY OF FORT WORTH COLLECTION DETAIL COLLECTION DETAIL FOR CITY SALES TAX August FY2011 August FY2012 CHANGE CHANGE Current Period Collections: $8,260,567 $8,912,599 $652,033 7.9% Other Collections: $25,329 $234,128 $208,800 824.4% Audit Collections: $7,506 ($2(), 1 3 ) q,[2 ,93.x ) 372.2% Service Fee: ($165,868) 9$"'182,E:1:i° o ��1 f,�i�"1(�,(� �+;,;;M;1 10.0/o Retainage: $1,796 $2,030 $235 13 "114, Net Payment $8,129,329 $8,945,799 $816,470 10.0% Current Period Collections 18.4% 17.3% 0 9.8% 7.9% 94.2% 4.3% .1% 3.0% Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 City Sales Tax Trend: Variance for the most recent months vs.same period last year. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9518 To the Mayor and Members of the City Council October 16, 2012 `�` Page 2 of 2 r SUBJECT: AUGUST 2012 - SALES TAX UPDATE CITY OF FORT WORTH BUDGET COMPARISON -FY2012 ADOPTED BUDGET YR END BUDGET RE-ESTIMATE VARIANCE CITY OF FORT WORTH $ 102,259,196 $ 110,564,691 8.17 CRIME CONTROL AND PREVENTION DIST. $ 46,304,344 $ 49,792,251 7.5% MASS TRANSIT AUTHORITY-THE"T" $ 47,647,392 $ 54,217,814 13.8% Note: Current projections indicate the City will collect $8,305,495 or 8.1% more than the FY2012 adopted budget. As depicted above, you will also see how the positive results are affecting our partner agencies. While these results are encouraging, Staff recommends maintaining a conservative forecast for FY2012 as we continue to experience uncertainty with the national economy and potential audit adjustments. CITY OF FORT WORTH CITY COMPARISONS - FY 2012 v. FY 2011 CITY QTR 1 QTR 2 QTR 3 August YTD DALLAS 5.7% 4.9% 7.1% 17.7% 7.1% EULESS 8.7% 14.3% 19.6% 14.1% 14.3% FORT WORTH 2.2% 13.9% 0.8";4' 10.0% 5.6% GRAPEVINE 1 "d?'9`0' 3.9% 11.9% 9.5% 5.0% KELLER 9.4% 5.6% 4.0% 8.6% 7.8% SOUTHLAKE 4.0% 6.5% 7.3% 6.0% 7.3% BEDFORD 2.5% 3.1% 5.4% 3.8% 4.1% HURST 'I."'d;'95," 3.9% 4.0% 1.8% 2.2% NORTH RICHLAND HILLS 8.5% x.`;;39 0.7% 0.9i:'''^S," 1.7% ARLINGTON 3.3% 3.4% 7.8% i:'''^S," 3.7% BURLESON 17.9% 35.5% 1161::'`O' 8.09,1S," 12.4% GRAND PRAIRIE 19.4% 14.9% 4.5% 19.89,'0' 8.1% WATAUGA 7.3% 5.3% 9.6% 1."? "n9`0' 'I..�.", STATE TOTAL 12.4% 13.5% 7.3% 9.0% 12.7% Note: YTD collections for Fort Worth are up 5.6% compared to last year. Again, hopefully you find this additional information helpful. If you have any questions, please call Horatio Porter, Budget Officer, at 817.392.2379. Tom Higgins City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS