HomeMy WebLinkAboutIR 9645 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9645
To the Mayor and Members of the City Council July 15, 2014
Page 1 of 2
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SUBJECT: May 2014 — Sales Tax Update
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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 May 2014 collection results on July 9th. 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.
May Net Sales Tax Collections (10-year History)
FY2005 FY2005 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
The City's net sales tax collection is up $231,979 or 2.4% compared to this month last year. These
collections are the best on record for the month of May. As depicted in the table below, the City
experienced $219,969 or 2.3% 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
May 1,2013 May 1,2014 CHANGE CHANGE
Current Period Collections: $9,387,290 $9,607,259 $219,969 2.3%
Other Collections $167,844 $129,694 ($38,1 19) 221"''%'o
Audit Collections: $256,852 $292,466 $35,614 13.9%
Service Fee: ($196,2,10) ($200,588) ($,'1,3,'19) 2 2'1'o
Retainage: (v10,,169) $8,426 $18,895 180.5%
Net Collections $9,605,277 $9,837,257 $231,979 2.4%
Current Period Collections
Change vs. Same Month in Prior Year
X7.9% X7.2% 7-8°1In
° 4.8°° 6.0°1 fi.1°° * 4.7% N
° E6.1%
4.4% 4.4.1°
2.3°1
Jun-113 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-114 Mar-14 Apr-14 May 14
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9645
To the Mayor and Members of the City Council July 15, 2014
Page 2 of 2
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SUBJECT: May 2014 - Sales Tax Update
City Of Fort Worth Budget Comparison - FY2014
Adopted Fiscal Year
Budget Projection Variance
CITY OF FORT WORTH $ 120,934,328 $ 124,763,524 3.2% $ 3,829,196
CRIME CONTROL AND PREVENTION DI: $ 54,715,598 $ 57,573,423 5.2% $ 2,857,825
MATS TRANSIT AUTHORITY-THE"T" $ 61,220,000 $ 62,493,905 2.1% $ 1,273,905
The City is projecting to collect $3,829,196 or 3.2% 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 COMPARISION - FY2014 vs. FY2013
City First Quarter Second Quarter April YTD
SOUTHLAKE 17.4% 15.3% 7.8% 16.1%
BURLESON 12.8% 5.4% 7.8% 8.5%
EULESS 2.4% 11.6% 4.5% 6.6%
FORT WORTH 7.1% 4.8% 2.4% 6.3%
DALLAS 7.3% 6.1% 0.2% 6.0%
KELLER 5.4% 2.9% 10.5% 5.5%
GRAPEVINE 4.2% 4.9% 6.1% 5.1%
NORTH RICHLAND HILLS 2.8% 1.5% 13.6% 4.1%
BEDFORD 2.3% 1.2% 7.5% 3.4%
HURST 3.3% 2.5% 1.8% 3.0%
WATAUGA 2.6% 1.4% 5.1% 2.9%
GRAND PRAIRIE 0 44"Xo 2.4% 44, "7"Xo 0.6%
ARLINGTON 0.6% 11 "7"Xo 3.8% 3 44"Xo
STATE TOTAL 4.0% 6.6% 8.5% 5.7%
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.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS