HomeMy WebLinkAboutIR 9721 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9721
To the Mayor and Members of the City Council April 14, 2015
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SUBJECT: FEBRUARY 2015 — SALES TAX UPDATE
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Budgeted sales tax revenue represents approximately twenty one percent (21%) of the City's General
Fund revenue anticipations in Fiscal Year 2015. It 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
February 2015 (Fiscal Year 2015, Period 5) collection results on April 8t". 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.
FEBRUARY NET SALES TAX COLLECTIONS (10-YEAR HISTORY
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FY20D6 FY2007 FY20D8 FY20D9 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
The City's net sales tax collection is up $247,963, or 2.8%, compared to the same month last year. As
depicted in the table below, the City experienced $160,470, or 1.8%, in positive growth when
compared to last year's collections for the same month. Current period collections include only
transactions that occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
February 14 February 15 Variance ($) Variance (%)
Current Period Collections: $8,758,430 $8,918,900 $160,470 1.8%
Other Collections: $154,590 $216,276 $61,686 39.9%
Audit Collections: $88,161 $99,814 $11,653 13.2%
Service Fee: ($180,024) ($184,700) ($4,676) (2.6%)
Retainage: $2,222 $21,052 $18,830 847.4%
Net Collections: $8,823,379 $9,071,342 $247,963 2.8%
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
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7.8% ° B_ °! 9.1
6.1% 6.9! 06.2°l0 5.8%
2.3% 3.0% 1.B%
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9721
To the Mayor and Members of the City Council April 14, 2015
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*a SUBJECT: FEBRUARY 2015 - SALES TAX UPDATE
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CITY OF FORT WORTH BUDGET COMPARISON - FY2015
Adopted Fiscal Year
Budget Projections Variance ($) Variance (%)
CITY OF FORT WORTH
GENERAL FUND $126,013,570 $129,627,621 $3,614,051 2.9% Q
CRIME CONTROL AND PREVENTION DISTRICT $58,227,401 $61,279,129 $3,051,729 5.2% Q
MATS TRANSIT AUTHORITY-THE"T" $64,761,746 $64,916,459 $154,713 0.2% 4
The City anticipates collecting $129,627,621 by fiscal year end, which exceeds original estimates in
the FY2015 adopted budget by 2.9%. 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 period.
CITIES COMPARISON
FY2015 vs. FY2014
City 1st Quarter Jan Feb YTD
BEDFORD 39.1% 24.2% 35.2% 35.6%
SOUTHLAKE 11.7% 9.7% 144.7% 33.2%
BURLESON 25.6% 12.1% 6.2% 19.7%
KELLER 14.6% 11.4% 18.4% 14.6%
HURST 5.1% 35.3% 5.8% 10.2%
FORT WORTH 7.4% 12.9% 2.8% 7.6%
DALLAS 8.3% 9.5% 0.2% 7.1%
ARLINGTON 9.8% 2.9% 0.0% 6.7%
WATAUGA 7.1% 7.6% 2.3% 6.3%
GRAPEVINE 9.9% 3.0% (4.9%) 6.0%
NORTH RICHLAND HILLS 2.0% 8.9% 3.3% 3.4%
GRAND PRAIRIE 5.0% (0.7%) (4.3%) 2.2%
EULESS 4.5% 7.0% (13.8%) 1.2%
STATE TOTAL 9.3% 11.2% 11.7% 10.2%
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