HomeMy WebLinkAboutIR 9698 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9698
To the Mayor and Members of the City Council January 27, 2015
PAT # 0 Page 1 of 2
SUBJECT: NOVEMBER 2014 — SALES TAX UPDATE
Sales tax revenue represents approximately twenty one percent (21%) of the City's General Fund
revenue anticipations in Fiscal Year 2015. This is the second largest revenue source, with property
tax being the largest. Sales tax revenue represents the largest revenue source in the Crime Control
and Prevention District Fund. Staff is committed to providing you regular updates on this important
and sometimes volatile revenue source. The Texas Comptroller's Office posted November 2014
(Fiscal Year 2015, Period 2) collection results on January 7t". 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.
November Net Sales Tax Collections (10-year History)
MAE
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
The City's net sales tax collection is up $666,561, or 7.2%, compared to this month last year. As
depicted in the table below, the City experienced $926,648, or 10.2%, in positive growth when
compared to last year's collections for the same month. Current period collections include only
transactions that occurred within the month, so this number reflects pure economic activity.
Collection Detail for City Sales Tax
November 13 November 14 Variance ($)Variance (%)
Current Period Collections: $9,077,515 $10,004,163 $926,648 10.2%
Other Collections: $103,146 $52,730 ($50,416) (48.9%)
Audit Collections: $205,175 $8,256 ($196,921) (96.0%)
Service Fee: ($187,717) ($201,303) ($13,586) (7.2%)
Retainage: $7,663 $8,497 $834 10.9%
Net Collections $9,205,782 $9,872,343 $666,561 7.2%
Current Period Collections
Change Compared to Same Month in Prior Year
11.1% 10.2%
7.8% 6.9% 8.0°Jo 6.2%
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5.7 Jo 4 4°Jo 4.7°Jo 2 3°/0 3.0°Jo
Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9698
To the Mayor and Members of the City Council January 27, 2015
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•a SUBJECT: NOVEMBER 2014 - SALES TAX UPDATE
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City of Fort Worth Budget Comparison -FY2015
Adopted Fiscal Year
Budget Projections Variance($) Variance(%)
CITY OF FORT WORTH
GENERAL FUND $126,013,570 $127,609,067 $1,595,497 1.3%
CRIME CONTROL AND PREVENTION DISTRICT $58,227,401 $59,898,411 $1,671,011 2.9% �
MATS TRANSIT AUTHORITY-THE"T" $64,761,746 $65,439,979 $678,233 1.0%
The City has collected $1,595,497, or 1.3%, more than what was anticipated in the FY2015 adopted
budget. As depicted above, the positive results are affecting our partner agencies as well. While these
results are encouraging, Staff recommends maintaining a conservative forecast for FY2015, as we
continue to experience uncertainty with the national economy and potential audit adjustments from
the Comptroller's Office.
The chart below indicates how current year sales tax collections in Fort Worth and other cities in the
region compare to FY2014 collections for the same time period.
CITY OF FORT WORTH
CITY COMPARISON - FY2015 vs. FY2014
City October-14 November-14 FY2015
BEDFORD 53.9% 44.1% 49.2%
BURLESON 34.9% 14.1% 24.8%
SOUTHLAKE 14.9% 16.7% 15.8%
KELLER 11.9% 12.6% 12.2%
EULESS 15.5% 8.3% 12.0%
ARLINGTON 7.7% 10.0% 8.8%
GRAPEVINE 16.1% 1.7% 8.8%
FORT WORTH 7.4% 7.2% 7.3%
WATAUGA 1.3% 11.0% 6.2%
DALLAS 9.3% 1.9% 5.8%
GRAND PRAIRIE 5.4% 5.6% 5.5%
HURST 3.3% 6.3% 4.9%
NORTH RICHLAND HILLS 12.8% (2.3%) 4.6%
STATE TOTAL 12.9% 10.7% 11.8%
If you have any questions, please call Aaron Bovos, Chief Financial Officer, at 817-392-8517.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS