HomeMy WebLinkAboutIR 9524 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9524
To the Mayor and Members of the City Council November 12, 2012
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SUBJECT: September 2012 — Sales Tax Update
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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 November 7th. 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 September. In this report,
you will see Fort Worth's FY2012 sales tax collection compared to FY2011 and the impact the results
had on the budget.
MONTHLY NET SALES TAX COLLECTIONS FOR SEPTEMBER
CITY OF FORT WORTH
September FY2012 $10,667,141 DOLLAR VARIANCE %VARIANCE
September FY2011 $10,554,454 $112,687 1.1%
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FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
The City's net payment for sales tax collection is up $112,687. While this represents only a 1.1%
increase over last year, this is the best September on record. Current period collections increased
2.7% over last year as depicted below. This signals a continued improvement in pure economic
activity.
CITY OF FORT WORTH COLLECTION DETAIL
COLLECTION DETAIL FOR CITY SALES TAX
September FY2011 September FY2012 CHANGE CHANGE
Current Period Collections: $10,474,905 $10,757,264 $282,359 2.7%
Other Collections: $183,431 $123,035 (s&),395) "1'X^
Audit Collections: $162,055 $40,427"1 62 7) 75.1%
Service Fee: ' '16 N11,!+I ;11,2 1 8 d 15) 0.9%
Retainage: 1'1 5)11: ; (,$135 1"1:,1) $14,358 "! O'X
Net Payment $10,554,454 $10,667,141 $112,687 1.1%
Current Period Collections
18.4% 17.3%
° 0. ° 9.7% 9.8% 7.9%
6.0/0 4.3%
Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-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. 9524
To the Mayor and Members of the City Council November 12, 2012
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SUBJECT: September 2012 - Sales Tax Update
CITY OF FORT WORTH BUDGET COMPARISON - FY2012
ADOPTED FISCAL YEAR
BUDGET TOTAL VARIANCE
CITY OF FORT WORTH $ 102,259,196 $ 110,971,117 8.57
CRIME CONTROL AND PREVENTION DIST. $ 46,304,344 $ 50,275,651 8.6%
MASS TRANSIT AUTHORITY-THE"T" $ 47,647,392 $ 54,410,606 14.2%
Note: For the year, the City has collected $8,711,921 or 8.5% 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 FY2013 as we continue to experience uncertainty with the national economy and potential
audit adjustments. The chart below indicates how other cities in the region did compared to FY2011.
CITY OF FORT WORTH
CITY COMPARISONS - FY 2012 v. FY 2011
CITY QTR 1 QTR 2 QTR 3 QTR 4 TOTAL
SOUTHLAKE 4.0% 6.5% 7.3% 11.4% 7.3%
EULESS 8.7% 14.3% 19.6% 9.4% 13.0%
DALLAS 5.7% 4.9% 7.1% 7.7% 6.4%
KELLER 9.4% 5.6% 4.0% 7.0% 7.5%
FORT WORTH 2.2% 13.9% 0 8";4' 6.1% 5.1%
BEDFORD 2.5% 3.1% 5.4% 2.5% 3.3%
HURST "I."'d'''9,10, 3.9% 4.0% 2.5% 1.9%
GRAPEVINE .I. "d?'9`0' 3.9% 11.9% 1.7% 2.9%
NORTH RICHLAND HILLS 8.5% 9 0.7% 0.5% 1.6%
ARLINGTON 3.3% 3.4% 7.8% 0."1",'0' 3.5%
GRAND PRAIRIE 19.4% 14.9% 4.5% 1.`:'''^S," 8.5%
BURLESON 17.9% 35.5% "1.61:',," P.L.ii:1:'o' 10.2%
WATAUGA 7.3% 5.3% 9.6% ?°I.'.19o'" ° 59o''o'
STATE TOTAL 12.4% 13.5% 11.0% 13.5% 12.6%
Note: FY2012 total collections for Fort Worth were up 5.1% compared to FY2011.
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