HomeMy WebLinkAboutIR 9623 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9623
To the Mayor and Members of the City Council February 18, 2014
Page 1 of 2
r
SUBJECT: DECEMBER 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 December 2013 collection results on February 12th. Actual
receipts are dependent upon the timeliness and accuracy of sales tax payers' returns. 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.
December Net Sales Tax Collections (10-year History)
N
C
O
FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
The City's net sales tax collection is up $928,544 or 7.4% compared to this month last year. These
collections are the best on record for the month of December. As depicted in the table below, the City
experienced $718,946 or 5.7% 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
Dec 12 Dec 13 CHANGE CHANGE
Current Period Collections: $12,560,255 $13,279,201 $718,946 5.7%
Other Collections: $175,424 $210,490 $35,066 20.0%
Audit Collections: $95,126 $288,129 $193,003 202.9%
Service Fee: ($256,616) ($275,556) ( 18, 10) 7 z1'�Io
Retainage: ($86,551) ($86,083) $468 0.5%
Net Collections $12,487,637 $13,416,181 $928,544 7.4%
Current Period Collections
Change vs.Same Month in Prior Year
7.7% 9.0% 7.9% o
.2/°4.8%
3.3% 3.0% 4.4% 6.0% 6.1% 7 5.7%
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9623
To the Mayor and Members of the City Council February 18, 2014
Page 2 of 2
r
SUBJECT: DECEMBER 2013 - SALES TAX UPDATE
raF�
City Of Fort Worth Budget Comparison -FY2014
Adopted Fiscal Year
Budget Projection Variance
CITY OF FORT WORTH $ 120,934,328 $ 121,953,654 0.8% $ 1,019,326
CRIME CONTROL AND PREVENTION DIST. $ 54,715,598 $ 55,416,949 1.3% ♦ $ 701,351
MASS TRANSIT AUTHORITY-THE"T" $ 61,220,000 $ 61,389,596 0.3% ♦ $ 169,596
The City is projecting to collect $1,019,326 or 0.8% more than the FY2014 adopted General Fund
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 from the Comptroller's Office.
The chart below indicates how other cities in the region compared to FY2013.
CITY OF FORT WORTH
CITY COMPARISONS - FY2014 vs. FY2013
CITY October November December YTD
SOUTHLAKE 15.9% 18.8% 17.5% 17.4%
BURLESON 13.9% 22.8% 5.7% 12.8%
DALLAS 6.1% 11.2% 5.4% 7.3%
FORT WORTH 2.9% 11.3% 7.4% 7.1%
KELLER 6.6% 2.6% 6.6% 5.4%
GRAPEVINE 3.5% 5."7% 13.4% 4.2%
HURST 1.3% 10.3% 2.4% 3.3%
NORTH RICHLAND HILLS 9 7% 10.4% 6.4% 2.8%
WATAUGA 139%.9% 28.4% 1.5% 2.6%
EULESS 4.3% 5.1% 7.6% 2.4%
BEDFORD % 79% 11.8% 2.3%
ARLINGTON % 4.8% 01% 0.6%
GRAND PRAIRIE % .` % 2.6% 4.4%
STATE TOTAL 5.4% 18.8% 17.5% 4.0%
Again, hopefully you find this additional information helpful. If you have any questions, please call
Aaron Bovos, Financial Management Services Director, at 817-392-8517.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS