HomeMy WebLinkAboutIR 9585 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9585
To the Mayor and Members of the City Council
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SUBJECT: June 2013 — Sales Tax Update
Sales tax revenue represents approximately 20% of the City's General Fund budget. The Texas
Comptroller's Office posted results on August 7th. 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 June. 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 June
City of Fort Worth
Jun-13 $11,146,404 DOLLAR VARIANCE %VARIANCE
Jun-12 $9,633,041 $1,513,363 15.7%
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IM, I I I I I I miffmal
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is up $1,513,363 or 15.7% compared to this month last year. One
component of the growth compared to last year is a negative audit adjustment in June 2012 that
significantly reduced collections. As depicted in the table below, the City experienced $468,942 or
4.4% in positive growth when compared to last year's current period collections for the same month.
Current period collections include only transactions that occurred within the month, so this number
reflects pure economic activity.
Collection Detail for City Sales Tax
Jun 12 Jun 13 CHANGE CHANGE
Current Period Collections: $10,638,173 $11,107,115 $468,942 4.4%
Other Collections:
( 39,"7,1, ) $147,422 $217,168 311.4%
Audit Collections:
($726,258) $151,219 $877,477 120.8%
Service Fee: (G1J3,1�1�) (G��1,111) ($31,272) 15 J'�
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Retainage: ($12,286) ($31,238) ($18,952) 151 Tto
Net Collections $9,633,041 $11,146,404 $1,513,363 15.7%
Current Period Collections
Change vs.Same Month in Prior Year
13.0%
9.8% 7.9% 7.7% 9.0%
2.4% 3.3% 3.3% 3.0% 1.4% 4.4%
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Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9585
To the Mayor and Members of the City Council
Page 2 of 2
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SUBJECT: June 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 $ 116,283,008 6.9% $ 7,484,574
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 54,076,737 8.6% ♦ $ 4,280,761
MASS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 58,500,268 2.2% ♦ $ 1,268,801
The City has collected $7,484,574 above budget year-to-date and projects to end the year 6.9%
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 Third
CITY Quarter Quarter Quarter June YTD
SOUTHLAKE 11.3% 12.1% 17.6% 19.0% 13.7%
GRAND PRAIRIE 12.6% 7.3% 13.1% 2.9% 11.0%
EULESS 17.1% 6.7% 2.1% 2.6% 8.2%
ARLINGTON 1."'7% 22.2% 3.9% 4.4% 7.8%
KELLER 7.2% 8.2% 7.7% 5.4% 7.7%
FORT WORTH 7.6% 4.9% 10.3% 157% 7.6%
DALLAS 7.4% 5.9% 7.0% 2.8% 6.8%
GRAPEVINE 9.3% 7.5% 4.4% 14.1 % 3.9%
BEDFORD 3.2% 6.4% 0.9% 4 "7% 3.5%
NORTH RICHLAND HILLS 4.4% 13.5% 1.0% 4.8% 2.0%
WATAUGA 0.3% 3.1% 7.0% 9.1% 0.4%
HURST 05% 0.2% 09% .` % 4.4%
BURLESON 4.4% 4.4% 23% 4.3% 73%
STATE TOTAL 10.3% 5.1% 7.0% 9.1% 7.5%
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