HomeMy WebLinkAboutIR 9549 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9549
To the Mayor and Members of the City Council March 19, 2013
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SUBJECT: January 2013 — Sales Tax Update
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Sales tax revenue represents approximately 20% of the City's General Fund budget. The Texas
Comptroller's Office posted results on March 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 January. 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 JANUARY
CITY OF FORT WORTH
January 2013 $8,770,569 DOLLAR VARIANCE %VARIANCE
January 2012 $8,098,227 $672,342 8.3%
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FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is up $672,342 or 8.3% compared to this month last year. As
depicted in the table below, the City experienced $607,631 or 7.7% 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
January 2012 January 2013 CHANGE CHANGE
Current Period Collections: $7,895,591 $8,503,222 $607,631 7.7%
Other Collections: $234,353 $61,622"1 '"'��' �,1"1) r;3 7'X"
Audit Collections: $52,181 $305,507 $253,326 485.5%
Service Fee: '�';°16368 ') 1"rr N1lr 1 rF5' 8,11X,
Retainage:Collections $8,098,227 $8,770,569 $672,342 8.3%
Net 0
CURRENT PERIOD COLLECTIONS
Change vs. Same Month in Prior Year
18.4% 17.3%
13.0%
0 7.7%
7.9%
5.1% 5.1% 3.0% ° 2.7% 2.4% 3.39%
Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9549
To the Mayor and Members of the City Council March 19, 2013
Page 2 of 2
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SUBJECT: January 2013 - Sales Tax Update
CITY OF FORT WORTH BUDGET COMPARISON -FY2013
ADOPTED FISCAL YEAR
BUDGET PROJECTION VARIANCE
CITY OF FORT WORTH $ 108,798,434 $ 111,820,724 2.8% ♦ $ 3,022,290
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 52,320,983 5.1% ♦ $ 2,525,007
MASS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 57,791,598 1.0% ♦ $ 560,131
The City has collected $3,022,290 or 2.8% 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 fourth
collection for the fiscal year and while 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 compared to
FY2012.
CITY OF FORT WORTH
CITY COMPARISONS - FY2013 v. FY2012
CITY Oct Nov Dec Q1 Jan YTD
EULESS 26.9% 7.5% 16.7% 17.1% 16.0% 16.8%
SOUTHLAKE 32.6% 6.0% 3.8% 11.3% 21.1% 13.3%
ARLINGTON* 0 99,1," 0.4% N 61:',,S," I d;'9,10, 62.7% 12.4%
GRAND PRAIRIE 15.8% 11.5% 10.9% 12.6% 9.1% 11.8%
GRAPEVINE 10.6% 23.4% 1 59,0' 9.3% 14.0% 10.3%
DALLAS 22.8% 0.1% 2.8% 7.4% 12.7% 8.6%
KELLER 3.5% 11.7% 6.8% 7.2% 12.7% 8.3%
FORT WORTH 23.5% 2.3";,4" 4.6% 7.6% 8.3% 7.8%
BEDFORD 10.2% 4.3% ?.`?'''`O' 3.2% 13.2% 5.4%
WATAUGA 32.6% : : 0 :,x,.59 0.3% 11.2% 2.5%
HURST 14.5% 6 19,0' 1 39 0 59,0' 6.7% 0.9%
BURLESON ? 8 `O' 59,� r 8 9 0;," 2.7% 6 99,00'
STATE TOTAL 8.2% 13.1% 9.4% 10.3% 6.1% 9.2%
*Arlington had a favorable audit adjustment of$3.3M in January. This represents 32% of the total collection.
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