HomeMy WebLinkAboutIR 9592 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9592
To the Mayor and Members of the City Council September 24, 2013
`�` Page 1 of 2
r
SUBJECT: JULY 2013 — SALES TAX UPDATE
raF�
Sales tax revenue represents approximately 20% of the City's General Fund budget. The Texas
Comptroller's Office posted results on September 11th. 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 July. 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 July
City of Fort Worth
Jul-13 $9,252,530 DOLLAR VARIANCE %VARIANCE
Jul-12 $9,057,284 $195,247 2.2%
w
c
0
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is up $195,247 or 2.2% compared to this month last year. As
depicted in the table below, the City experienced $417,077 or 4.8% 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
Jul 12 Jul 13 CHANGE CHANGE
Current Period Collections: $8,726,450 $9,143,526 $417,077 4.8%
Other Collections: $591,877 $165,942 ($,125,93,1) 72 O''%'o
Audit Collections:
( 33,,1,,1,3) $91,799 $180,245 203.8%
Service Fee: (G18,1,598) (G133,025) ($3^128) 1.9''10
Retainage: $12,001 $39,288 $27,287 227.4%
Net Collections $9,057,284 $9,252,530 $195,247 2.2%
Current Period Collections
Change vs. Same Month in Prior Year
13.0%
1W 0
2.7% 2.4% 3.3% 3.3% 3.0% ° 4.4% 4.8%
1.4/0
Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9592
To the Mayor and Members of the City Council September 24, 2013
Page 2 of 2
r
SUBJECT: JULY 2013 - SALES TAX UPDATE
raF�
City Of Fort Worth Budget Comparison -FY2013
Adopted Fiscal Year
Budget Projection Variance
CITY OF FORT WORTH $ 108,798,434 $ 117,113,981 7.6% $ 8,315,547
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 54,130,263 8.7% ♦ $ 4,334,287
MATS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 58,763,554 2.7% ♦ $ 1,532,087
The City has collected $8,315,547 above budget year-to-date and projects to end the year 7.6%
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 Third
CITY Quarter Quarter Quarter July YTD
SOUTHLAKE 11.3% 12.1% 17.6% 4.7% 12.7%
GRAND PRAIRIE 12.6% 7.3% 13.1% 4.5% 10.4%
EULESS 17.1% 6.7% 2.1% 4.7% 7.9%
ARLINGTON 1."'7% 22.2% 3.9% 4.8% 7.5%
KELLER 7.2% 8.2% 7.7% 4.3% 7.4%
FORT WORTH 7.6% 4.9% 10.3% 2.2% 7.1%
DALLAS 7.4% 5.9% 7.0% 4.4% 5.6%
GRAPEVINE 9.3% 7.5% 4.4% 2.7% 3.8%
BEDFORD 3.2% 6.4% 0.9% 4.1% 3.5%
NORTH RICHLAND HILLS 4.4% 13.5% 1.0% 4.5% 2.2%
WATAUGA 0.3% 3.1% 7.0% 7.3% 0.4%
HURST 05% 0.2% 4.4% 1.7% 05%
BURLESON 95% 99% .` % 0.7% 66%
STATE TOTAL 10.3% 5.1% 7.0% 7.3% 7.4%
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