HomeMy WebLinkAboutIR 9667 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9667
To the Mayor and Members of the City Council September 16, 2014
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SUBJECT: July 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 July 2014 collection results on September 10th. 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.
July Net Sales Tax Collections (10-year History)
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Fr20::5 Ff2G;ei FY2007 FY2008 FY20D9 FY2010 FY2011 FY2012 FY2013 FY2014
The City's net sales tax collection is up $745,054 or 8.1% compared to this month last year. As
depicted in the table below, the City experienced $630,128 or 6.9% 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
July 13 July 14 CHANGE CHANGE
Current Period Collections: $9,143,526 $9,773,654 $630,128 6.9%0
Other Collections: $165,942 $261,172 $95,229 57.4%
Audit Collections: $91,799 $143,136 $51,337 55.9%
Service Fee: ($188,025) ($203,559) ($15,534) -8.3%
Retainage: $39,288 $23,181 ($16,107) -41.0%
Net Collections $9,252,530 $9,997,584 $745,054 8.1%0
Current Period Collections
Change vs. Same Month in Prior Year
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6.0% 6.101- 7.9% 7.2% 53% 7.8% 6.1°Jo
4.4°J° 4.7°I°
l 0 1 2.3%
Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9667
To the Mayor and Members of the City Council September 16, 2014
r� Page 2 of 2
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SUBJECT: July 2014 - 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 $ 124,828,330 3.2% 'DL $ 3,894,002
CRIME CONTROL AND PREVENTION DIST. $ 54,715,598 $ 57,741,280 5.5% -DL $ 3,025,682
MATS TRANSIT AUTHORITY-THE"T" $ 61,220,000 $ 62,898,892 2.7% 4 $ 1,678,892
The City is projecting to collect $3,894,002 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 COMPARISON - FY2014 vs. FY2013
First Second Third
City Quarter Quarter Quarter July YTD
SOUTHLAKE 17.4% 15.3% 14.1% 21.7% 16.2%
BURLESON 12.8% 5.4% 3.9% 34.3% 9.9%
EULESS 2.4% 11.6% 8.4% 11.8% 7.8%
BEDFORD 2.3% 1.2% 10.1% 24.6% 6.4%
KELLER 5.4% 2.9% 10.1% 6.6% 6.3%
DALLAS 7.3% 6.1% 3.7% 6.3% 5.7%
FORT WORTH 7.1% 4.8% 4.5% 8.1% 5.7%
GRAPEVINE 4.2% 4.9% 8.5% 3.2% 5.5%
NORTH RICHLAND HILLS 2.8% 1.5% 6.5% 4.9% 3.7%
WATAUGA 2.6% 1.4% 5.3% 8.0% 3.5%
HURST 3.3% 2.5% 4.0% 5.0% 3.4%
GRAND PRAIRIE -0.4% 2.4% 1.5% 11.3% 2.1%
ARLINGTON 0.6% -11.7% 4.7%
STATE TOTAL 4.0% 6.6% 6.0% 6.3% 5.6%
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