HomeMy WebLinkAboutIR 9552 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9552
To the Mayor and Members of the City Council April 16, 2013
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SUBJECT: FEBRUARY 2013 - 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 April 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 February. 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 FEBRUARY
CITY OF FORT WORTH
February 2013 $8,357,523 DOLLAR VARIANCE %VARIANCE
February 2012 $8,372,050 ^'r'i Y 7;I 16)
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FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is down ($14,527) or (0.2%) compared to this month last year
primarily as a result of audit adjustments. As depicted in the table below, the City experienced
$264,923 or 3.3% in positive growth when compared to last year's current period collections for the
same month. This trend represents growth in pure economic activity when compared to the same
month last year.
COLLECTION DETAIL FOR CITY SALES TAX
February 2012 February 2013 CHANGE CHANGE
Current Period Collections: $8,103,302 $8,368,224 $264,923 3.3%
Other Collections: $327,323 $252,369 ;"7,1 "153;1 ":>9'X"
Audit Collections: $119,647 9 "1,1 1) 183 )1,
Service Fee: (,$17 7U)1)5) 1 r'";w d 'I!1;1 $583 0.3%
Retainage: 'x;7, e':b
, ;l $6,845 $14,061 194.9%
Net Collections 72,050 $8,357,523 ($'k,11,527) 01.211^db i
CURRENT PERIOD COLLECTIONS
Change vs. Same Month in Prior Year
17.3%
13.0%
5.1% 5.1% 9.8%° 7.9% 7.7%
3.0% 2.7% 2.4% 3.3% 3.3%
low Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9552
To the Mayor and Members of the City Council April 16, 2013
Page 2 of 2
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SUBJECT: FEBRUARY 2013 - SALES TAX UPDATE
CITY OF FORT WORTH BUDGET COMPARISON -FY2013
ADOPTED FISCAL YEAR
BUDGET PROJECTION VARIANCE
CITY OF FORT WORTH $ 108,798,434 $ 112,773,476 3.7% ♦ $ 3,975,042
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 52,783,659 6.0% ♦ $ 2,987,683
MASS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 58,122,772 1.6% ♦ $ 891,305
The City has collected $3,975,042 or 3.7% 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 fifth
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 First Qtr January February YTD
EULESS 17.1% 16.0% 8.0% 15.1%
SOUTHLAKE 11.3% 21.1% 17.3% 14.0%
ARLINGTON "I."'d'''9,10, 62.7% 5.8% 11.3%
GRAND PRAIRIE 12.6% 9.1% 4.6% 10.5%
GRAPEVINE 9.3% 14.0% 3.0% 8.9%
KELLER 7.2% 12.7% 7.9% 8.2%
DALLAS 7.4% 12.7% 4.1% 7.8%
FORT WORTH 7.6% 8.3% %'R.,"";°4' 6.3%
BEDFORD 3.2% 13.2% 2.5% 4.9%
NORTH RICHLAND HILLS 1. 1 59,0' 56.9% 3.2%
WATAUGA 0.3% 11.2% 4.6% 2.9%
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2.7% r,
STATE TOTAL 10.3% 6.1% 3.7% 8.1%
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