HomeMy WebLinkAboutIR 9706 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9706
To the Mayor and Members of the City Council February 17, 2015
PAT # 0 Page 1 of 2
_L
SUBJECT: DECEMBER 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. In addition, 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
December 2014 (Fiscal Year 2015, Period 3) collection results on February 11th. 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
16 $11.2 1 $11.6 1 $10.8 $10.7
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
The City's net sales tax collection is up $988,862, or 7.4%, compared to this month last year. As
depicted in the table below, the City experienced $1,203,212, or 9.1%, in positive growth when
compared to last year's collections for the same month. Current period collections include only
transactions that occurred within the month, so this number reflects pure economic activity.
Collection Detail for City Sales Tax
December 13 December 14 Variance ($) Variance (%)
Current Period Collections: $13,279,201 $14,482,413 $1,203,212 9.1%
Other Collections: $210,490 $279,029 $68,539 32.6%
Audit Collections: $288,129 $32,151 ($255,978) (88.8%)
Service Fee: ($275,556) ($295,872) ($20,316) (7.4%)
Retainage: ($86,083) ($92,678) ($6,595) (7.7%)
Net Collections: $13,416,181 $14,405,043 $988,862 7.41/6
Current Period Collections
Change Compared to Same Month in Prior Year
11.1% 10.2%
7.8% 0 8.0% 9.1%
6.1% 6.9/0 6.2%
4.4% 4.7%
2.3% 3.0%
MIR
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9706
To the Mayor and Members of the City Council February 17, 2015
h�T�i7 Page 2 of 2
�i
�i7 Y
•a SUBJECT: DECEMBER 2014 - SALES TAX UPDATE
#qrF rn
10 7'3
City of Fort Worth Budget Comparison - FY2015
Adopted Fiscal Year
Budget Projections Variance($) Variance(%)
CITY OF FORT WORTH
GENERAL FUND $126,013,570 $128,096,020 $2,082,450 1.7%
CRIME CONTROL AND PREVENTION DISTRICT $58,227,401 $60,238,290 $2,010,888 3.5%
tLl'
MATS TRANSIT AUTHORITY- THE"T" $64,761,746 $65,456,004 $694,258 1.1%
The City anticipates collecting $128,096,020, which exceeds original estimates in the FY2015
adopted budget by 1.7%. 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 November December YTD
BEDFORD 53.9% 44.1% 26.2% 39.1%
BURLESON 34.9% 14.1% 26.8% 25.6%
KELLER 11.9% 12.6% 17.8% 14.6%
SOUTHLAKE 14.9% 16.7% 6.4% 11.7%
GRAPEVINE 16.1% 1.7% 11.6% 9.9%
ARLINGTON 7.7% 10.0% 11.2% 9.8%
DALLAS 9.3% 1.9% 12.1% 8.3%
FORT WORTH 7.4% 7.2% 7.4% 7.4%
WATAUGA 1.3% 11.0% 8.2% 7.1%
HURST 3.3% 6.3% 5.3% 5.1%
GRAND PRAIRIE 5.4% 5.6% 4.3% 5.0%
EULESS 15.5% 8.3% (6.8%) 4.5%
NORTH RICHLAND HILLS 12.8% (2.3%) (1.3%) 2.0%
STATE TOTAL 12.9% 10.7% 4.3% 9.3%
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