HomeMy WebLinkAboutIR 9545 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9545
To the Mayor and Members of the City Council February 12, 2013
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SUBJECT: December 2012 — Sales Tax Update
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Sales tax revenue represents approximately 20% 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 results on February 6th. 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 December. In this report, you will see Fort
Worth's sales tax collection compared to last year and the impact on the current year's budget.
MONTHLY NET SALES TAX COLLECTIONS FOR DECEMBER
CITY OF FORT WORTH
December 2012 $12,487,637 DOLLAR VARIANCE %VARIANCE
December 2011 $11,935,332 $552,305 4.6%
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FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is up $552,305 or 4.6% compared to this month last year, making
this the single highest month on record. As depicted in the table below, the City experienced
$397,379 or 3.3% in positive growth when compared to last year's month-to-month current period
collections. This trend has continued in Fort Worth's current period collection and presents a positive
trend in sales tax revenue.
COLLECTION DETAIL FOR CITY SALES TAX
December 2011 December 2012 CHANGE CHANGE
Current Period Collections: $12,162,876 $12,560,255 $397,379 3.3%
Other Collections: $49,289 $175,424 $126,135 255.9%
Audit Collections: $38,580 $95,126 $56,545 146.6%
Service Fee: ;';',:l 5,;115 "6 616)
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Retainage: 7(), hl? ($86,55 1 1 16,153) 'X
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Net Collections $11,935,332 $12,487,637 $552,305 4.6%
Current Period Collections
18.4% 17.3%
13.0%
9.7% 9.8% 7.9%
2.4% 3.3%
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9545
To the Mayor and Members of the City Council February 12, 2013
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SUBJECT: December 2012 - Sales Tax Update
CITY OF FORT WORTH BUDGET COMPARISON - FY2013
ADOPTED FISCAL YEAR
BUDGET PROJECTION VARIANCE
CITY OF FORT WORTH $ 108,798,434 $ 110,757,159 1.87
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 51,987,270 4.4%
MASS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 57,466,220 0.4%
The City has collected $1,958,725 or 1.8% more than the FY2013 adopted budget. As depicted
above, you will also see how the positive results are affecting our partner agencies. This is the third
collection for the fiscal year and while they 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 compared to
FY2012.
CITY OF FORT WORTH
CITY COMPARISONS-FY2013 v. FY2012
CITY October November December YTD
EULESS 26.9% 7.5% 16.7% 17.1%
GRAND PRAIRIE 15.8% 11.5% 10.9% 12.6%
SOUTHLAKE 32.6% 6.0% 3.8% 11.3%
GRAPEVINE 10.6% 23.4% 1,55'; 9.3%
FORT WORTH 23.5% ;';.3°'6 4.6% 7.6%
DALLAS 22.8% 0.1% 2.8% 7.4%
KELLER 3.5% 11.7% 6.8% 7.2%
BEDFORD 10.2% 4.3% 2,'25 3.2%
WATAUGA 32.6% )', 7":r, 2 55 0.3%
HURST
14.5% (".i,'15,, 1 31 () 55
ARLINGTON ;,"p^:r, 0.4% !a 6,:p,, .,r
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NORTH RICHLAND HILLS 2.1% 9 31 5,15 85
BURLESON ' ,,^;,,'h 0 55 5,,"'^, 9 55
STATE TOTAL 8.2% 13.1% 9.4% 10.3%
Again, hopefully you find this additional information helpful. If you have any questions, please call
Horatio Porter, Chief Financial Officer, at 817.392.2379.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS