HomeMy WebLinkAboutIR 9567 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9567
To the Mayor and Members of the City Council July 9, 2013
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SUBJECT: APRIL 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 June 12th. 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 April. 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 APRIL
CITY OF FORT WORTH
Apr-13 $9,140,941 DOLLAR VARIANCE %VARIANCE
Apr-12 $8,439,886 $701,055 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 $701,055 or 8.3% compared to this month last year. This
marks the highest April collections on record. As depicted in the table below, the City experienced
$761,895 or 9.0% 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
Apr 12 Apr 13 CHANGE CHANGE
Current Period Collections: $8,424,186 $9,186,081 $761,895 9.0%
Other Collections: $125,471 $200,311 $74,840 59.6%
Audit Collections: $12,915 ($108,52 ) ($121,,138) 9,10 1';Io
Service Fee: ($171,251) ($185,557) ($1,1,306) 8 ';Io
Retainage: $48,565 $48,629 $64 0.1%
Net Collections $8,439,886 $9,140,941 $701,055 8.3%
CURRENT PERIOD COLLECTIONS
Change vs. Same Month in Prior Year
17.3%
13.0%
9.8% 7.9% 7.7% 9.0%
2.4% 3.3% 3.3% 3.0%
May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9567
To the Mayor and Members of the City Council July 9, 2013
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SUBJECT: APRIL 2013 - SALES TAX UPDATE
CITY OF FORT WORTH BUDGET COMPARISON -FY2013
ADOPTED FISCAL YEAR
BUDGET PROJECTION VARIANCE
CITY OF FORT WORTH $ 108,798,434 $ 114,189,435 5.0% $ 5,391,001
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 53,207,147 6.9% ♦ $ 3,411,171
MASS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 58,080,637 1.5% ♦ $ 849,170
The City has collected $5,391,001 above budget year-to-date and projects to end the year 5% 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 seventh 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 April YTD
SOUTHLAKE 11.3% 12.1% 12.4% 11.8%
EULESS 17.1% 6.7% 11.7% 11.7%
GRAND PRAIRIE 12.6% 7.3% 20.4% 11.3%
ARLINGTON 1."'7% 22.2% 8.0% 9.5%
KELLER 7.2% 8.2% 12.8% 8.4%
GRAPEVINE 9.3% 7.5% 2.9% 7.7%
DALLAS 7.4% 5.9% 8.6% 6.9%
FORT WORTH 7.6% 4.9% 8.3% 6.6%
BEDFORD 3.2% 6.4% 5.2% 4.8%
NORTH RICHLAND HILLS 4,.4% 13.5% 0. % 3.0%
WATAUGA 0.3% 3.1% 3.9% 1.5%
HURST 0. % 0.2% 1.0% 0. %
BURLESON 9 5% 9 9% 3 7% 8 9%
STATE TOTAL 10.3% 5.1% 3.9% 7.1%
Again, hopefully you find this additional information helpful. If you have any questions, please call Jay
Chapa, Financial Management Services Director, at 817.392.2379.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS