HomeMy WebLinkAboutIR 9612 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9612
To the Mayor and Members of the City Council December 17, 2013
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SUBJECT: OCTOBER 2013 — SALES TAX UPDATE
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 December 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 October. 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.
October Net Sales Tax Collections (10-year History)
N
FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
The City's net sales tax collection is up $273,025 or 2.9% compared to this month last year. These
collections are the best on record for the month of October. As depicted in the table below, the City
experienced $714,365 or 7.9% 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
Oct 12 Oct 13 CHANGE CHANGE
Current Period Collections: $9,036,289 $9,750,654 $714,365 7.9%
Other Collections: $427,280 $11,380 ($^115,900) 97 3''%'o
Audit Collections: $40,654 $14,768
Service Fee: ($190,081) (G195,536) (5,^152) 9'�'o
Retainage: $27,763 $33,661 $5,898 21.2%
Net Collections $9,341,902 $9,614,927 $273,025 2.9%
Current Period Collections
Change vs. Same Month in Prior Year
7.7% 9.0% 7.9%
2.4% 3.3% 3.3% 3.0% ° 4.4% 4.8%
6.0% 6.1%
Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9612
To the Mayor and Members of the City Council December 17, 2013
Page 2 of 2
r
SUBJECT: OCTOBER 2013 — SALES TAX UPDATE
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City Of Fort Worth Budget Comparison -FY2014
Adopted Fiscal Year
Budget Projection Variance
CITY OF FORT WORTH $ 120,934,328 $ 121,683,122 0.6% ♦ $ 748,794
CRIME CONTROL AND PREVENTION DIST. $ 54,715,598 $ 54,746,366 0.1% ♦ $ 30,768
MASS TRANSIT AUTHORITY-THE"T" $ 61,220,000 $ 61,608,086 0.6% ♦ $ 388,086
The City is projecting to collect $748,794 or 0.6% more than the FY2014 adopted budget. As depicted
above, you will also see how the positive results are affecting our partner agencies. These are the
projected collections for the fiscal year and while they are encouraging, Staff recommends
maintaining a conservative forecast for FY2014 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 FY2013.
City Comparisons - FY2014 vs. FY2013
CITY October
SOUTHLAKE 15.9%
BURLESON 13.9%
KELLER 6.6%
DALLAS 6.1%
GRAPEVINE 3.5%
FORT WORTH 2.9%
BEDFORD %
HURST 1.3%
ARLINGTON %
GRAND PRAIRIE %
EULESS .3%
NORTH RICHLAND HILLS 9 7%
WATAUGA 139%
.9%
STATE TOTAL 5.4%
Again, hopefully you find this additional information helpful. If you have any questions, please call
Susan Alanis, Assistant City Manager, at 817.392.8180.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS