HomeMy WebLinkAboutIR 9761 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9761
To the Mayor and Members of the City Council June 16, 2015
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SUBJECT: APRIL 2015 — SALES TAX UPDATE
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 April 2015
(Fiscal Year 2015, Period 7) collection results on June 10th. Actual receipts are dependent upon the
timeliness and accuracy of sales tax payers' returns. This report provides Fort Worth's sales tax
collection compared to last year and the impact on the current year's budget.
APRIL NET SALES TAX COLLECTIONS (10-YEAR HISTORY
0
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FY2006 FY2007 FY2008 FY20N FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
The City's net sales tax collection is up $10,959, or 0.1%, compared to the same month last year. As
depicted in the table below, the City experienced $377,888, or 3.9%, in positive growth when
compared to last year's collections for the same month. Current period collections include only
transactions that occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
April 14 April 15 Variance ($) Variance (%)
Current Period Collections: $9,745,560 $10,123,448 $377,888 3.9% 4
Other Collections: $293,093 $184,110 ($108,983) (37.2%)
Audit Collections: $420,660 $150,558 ($270,103) (64.2%)
Service Fee: ($209,186) ($209,162) $24 0.0%
Retainage: $38,367 $50,500 $12,133 31.6%
Net Collections: $10,288,494 $10,299,453 $10,959 0.1%�}
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
11.1% 10.2%
8.0% 9.1
6.9✓ 6.2
5.6
2.3% 3-0% MEIN = 3.7%
1.6
Inlay-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Oec-14 Jan-15 Feta-15 Mar-15 Apr-15
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9761
To the Mayor and Members of the City Council June 16, 2015
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•a SUBJECT: APRIL 2015 - SALES TAX UPDATE
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CITY OF FORT WORTH BUDGET COMPARISON - FY2015
Adopted Fiscal Year
Budget Projections Variance ($) Variance (%)
CITY OF FORT WORTH
GENERAL FUND $126,013,570 $130,417,063 $4,403,493 3.5% Q
CRIME CONTROL AND PREVENTION DISTRICT $58,227,401 $61,377,927 $3,150,526 5.4% Q
FORT WORTH TRANSPORTATION AUTHORITY-THE"T" $64,761,746 $64,990,663 $228,917 0.4% 4
The City anticipates collecting $130,417,063 by fiscal year end, which exceeds original estimates in
the FY2015 adopted budget by 3.5%. As depicted above, the positive results are affecting the City's
partner agencies as well. While these results are encouraging, staff recommends maintaining a
conservative forecast for FY2015, as uncertainty continues regarding the national economy and
potential audit adjustments from the Texas 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 2nd Quarter April YTD
BEDFORD 39.1% 25.3% 32.0% 32.2%
SOUTHLAKE 11.7% 43.8% (1.4%) 22.5%
BURLESON 25.6% 6.1% 3.1% 14.5%
KELLER 14.6% 11.6% 7.8% 12.4%
HURST 5.1% 14.4% 3.7% 8.6%
DALLAS 8.3% 6.4% 7.7% 7.4%
ARLINGTON 9.8% 2.7% 13.1% 7.3%
FORT WORTH 7.4% 6.7% 0.1% 6.1%
WATAUGA 7.1% 4.8% 4.0% 5.7%
GRAPEVINE 9.9% 1.3% 3.0% 5.5%
GRAND PRAIRIE 5.0% 2.3% 4.9% 3.9%
EULESS 4.5% (1.0%) 7.7% 2.6%
NORTH RICHLAND HILLS 2.0% 1.7% 1.2% 1.8%
STATE TOTAL 9.3% 8.3% 1.1% 7.7%
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