HomeMy WebLinkAboutIR 9573 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9573
To the Mayor and Members of the City Council July 16, 2013
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SUBJECT: MAY 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 July 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 May. 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 May
City of Fort Worth
May-13 $9,605,277 DOLLAR VARIANCE %VARIANCE
May-12 $9,018,243 $587,034 6.5%
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FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is up $587,034 or 6.5% compared to this month last year. This
marks the highest May collections on record. As depicted in the table below, the City experienced
$133,390 or 1.4% 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
May 12 May 13 CHANGE CHANGE
Current Period Collections: $9,253,900 $9,387,290 $133,390 1.4%
Other Collections: $285,805 $167,844 4
Audit Collections: (G32,1,331) $256,852 $581,213 179.2%
Service Fee.
($18,1,30 7) (v1332,10) (G11,333) ..,33'�4o
Retainage. ($12,79,1) (v10,16 9) $2,326 18.2%
Net Collections $9,018,243 $9,605,277 $587,034 6.5%
Current Period Collections
Change vs.Same Month in Prior Year
13.0%
9.8% 7.9% 7.7% 9.0%
3.0% 2.7% 2.4% 3.3% = 3.3% 3.0% 1.4%
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Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9573
To the Mayor and Members of the City Council July 16, 2013
Page 2 of 2
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SUBJECT: MAY 2013 - SALES TAX UPDATE
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City Of Fort Worth Budget Comparison -FY2013
Adopted Fiscal Year
Budget Projection Variance
CITY OF FORT WORTH $ 108,798,434 $ 115,668,567 6.3% $ 6,870,133
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 53,575,925 7.6% ♦ $ 3,779,949
MASS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 58,656,273 2.5% ♦ $ 1,424,806
The City has collected $6,870,133 above budget year-to-date and projects to end the year 6% 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 eighth 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 Comparisons - FY2013 vs. FY2012
First Second
CITY Quarter Quarter May YTD
SOUTHLAKE 11.3% 12.1% 21.1% 12.9%
GRAND PRAIRIE 12.6% 7.3% 19.0% 12.3%
EULESS 17.1% 6.7% 4.4% 9.1%
ARLINGTON 1."'7% 22.2% 5.0% 9.0%
KELLER 7.2% 8.2% 5.8% 8.1%
DALLAS 7.4% 5.9% 10.6% 7.4%
GRAPEVINE 9.3% 7.5% 4.2% 7.3%
FORT WORTH 7.6% 4.9% 6.5% 6.6%
BEDFORD 3.2% 6.4% 1.`1% 4.1%
NORTH RICHLAND HILLS 4.4% 13.5% 3.4% 1.6%
WATAUGA 0.3% 3.1% 7.9% 0.9%
HURST 4.4% 0.2% 1.0% 4.`1%
BURLESON 4.4% 99% .4% 3. %
STATE TOTAL 10.3% 5.1% 7.9% 7.2%
Again, hopefully you find this additional information helpful. If you have any questions, please call Jay
Chapa, Interim Financial Management Services Director, at 817.392.2379.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS