HomeMy WebLinkAboutIR 9557 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9557
To the Mayor and Members of the City Council May 14, 2013
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SUBJECT: MARCH 2013 - SALES TAX UPDATE
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The Texas Comptroller's Office posted results on May 8th. 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 March. Sales tax revenue represents
approximately 20% of the City's General Fund budget. 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 MARCH
CITY OF FORT WORTH
Mar-13 $11,460,274 DOLLAR VARIANCE %VARIANCE
Mar-12 $10,770,742 $689,532 6.4%
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FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is up $689,532 or 6.4% compared to this month last year. Of this
increase, 40.6% is the result of positive audit adjustments, however even without the audit
adjustment, this marks the highest March collections on record. As depicted in the table below, the
City experienced $334,809 or 3.0% 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
Mar 12 Mar 13 CHANGE CHANGE
Current Period Collections: $10,984,687 $11,319,496 $334,809 3.0%
Other Collections: $28,268 $131,851 $103,583 366.4%
Audit Collections: $27,400 $307,567 $280,167 1022.5%
Service Fee: 1 "I�,r' rl P r(`PY',? 1 ' i�7 1 781) 1..N 3"�:,1) ..6 5+.X
Retainage:
($ I r rB"P1.';„) f$63 N 6"1;? f��+"1,N F b,'r 5 l 3d;P(.)':X�
Net Collections $10,770,742 $11,460,274 $689,532 6.4%
CURRENT PERIOD COLLECTIONS
Change vs. Same Month in Prior Year
17.3%
13.0%
5.1% 3.0% 9.8% 2.4% 3.3% 3.3% 3.0%
Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9557
To the Mayor and Members of the City Council May 14, 2013
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SUBJECT: MARCH 2013 - SALES TAX UPDATE
CITY OF FORT WORTH BUDGET COMPARISON -FY2013
ADOPTED FISCAL YEAR
BUDGET PROJECTION VARIANCE
CITY OF FORT WORTH $ 108,798,434 $ 113,392,873 4.2% ♦ $ 4,594,439
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 52,783,659 6.0% ♦ $ 2,987,683
MASS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 57,845,430 1.1% ♦ $ 613,963
The City has collected $4,594,439 above budget year-to-date and projects to end the year 4.2%
higher than the FY2013 adopted budget. As depicted above, you will also see how the positive results
are affecting our partner agencies. This is the sixth 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
First Second
CITY Quarter Quarter March YTD
EULESS 17.1% 6.7% 0."'d'''"''4i„^ 11.7%
SOUTHLAKE 11.3% 12.1% 1.9% 11.7%
GRAND PRAIRIE 12.6% 7.3% 7.9% 10.0%
ARLINGTON "I."'d'' ^S,^ 22.2% 3.4% 9.8%
GRAPEVINE 9.3% 7.5% 6.3% 8.4%
KELLER 7.2% 8.2% 5.6% 7.7%
DALLAS 7.4% 5.9% 2.1% 6.7%
FORT WORTH 7.6% 4.9% 6.4% 6.3%
BEDFORD 3.2% 6.4% 4.3% 4.8%
NORTH RICHLAND HILLS 1. 13.5% 4.7% 3.5%
WATAUGA 0.3% 3.1% `;3 19o0 1.6%
HURST 0„" `,0' 0.2% 0.2% tl:'!?I:'',,^
BURLESON 9 999010, d 9% 9 d
STATE TOTAL 10.3% 5.1% 5.5% 7.7%
Again, hopefully you find this additional information helpful. If you have any questions, please call Jay
Chapa, Interim Director of Financial Management Services, at 817.392.8517.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS