HomeMy WebLinkAboutIR 9808 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9808
To the Mayor and Members of the City Council October 13, 2015
Page 1 of 3
ex
SUBJECT: AUGUST 2015 - SALES TAX UPDATE
rsFa
Sales tax revenue represents approximately twenty one percent (21%) of the City's General Fund
anticipated revenue 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 regular updates on this important
and sometimes volatile revenue source. The Texas Comptroller's Office posted August 2015 (Fiscal
Year 2015, Period 11) collection results on October 7t". 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.
AUGUST NET SALES TAX COLLECTIONS (10-YEAR HISTORY
FY20DG FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
The City's net sales tax collection is up $379,726 or 3.9%, compared to the same month last year. As
depicted in the table below, the City experienced $383,631 or 3.9%, in growth when compared to last
year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
August 14 August 15 Variance ($) Variance (%)
Current Period Collections $9,726,355 $10,109,986 $383,631 3.9%
Other Collections 114,123 201,558 87,436 76.6%
Audit Collections 139,458 52,320 (87,138) (62.5%)
Service Fee (199,599) (207,277) (7,679) (3.8%)
Retainage 3,881 7,357 3,476 89.6%
Net Collections $9,784,218 $10,163,944 $379,726 3.9%{�
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
8.0% 1 0.2% 9.1%
6.2%° 5.8% 6.9%
3.7°/0 3.9% 33-9%- 0 0.9%
Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9808
To the Mayor and Members of the City Council October 13, 2015
h�T�i7 Page 2 of 3
�i
�i7 Y
•a SUBJECT: AUGUST 2015 — SALES TAX UPDATE
#qrF rn
10,?5
The City's Sales Tax collections year-to-date are outpacing both the budget year-to-date and the
year-to-date total for the same period last year.
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
Current
Receipts FY 2014 Receipts
Budget as of Through Through Period
CITY OF FORT WORTH Period 11 Period 11 11
GENERAL FUND $113,630,551 $119,553,774 $113,200,401
CRIME CONTROL AND PREVENTION DISTRICT 52,505,548 56,007,502 52,612,271
TOTAL $166,136,099 $175,561,276 $165,812,672
CITY OF FORT WORTH FISCAL YEAR COMPARISON — FY2015
Adopted Fiscal Year
Budget Projections Variance ($) Variance (%)
CITY OF FORT WORTH
GENERAL FUND $126,013,570 $131,936,793 $5,923,223 4.7% Q
CRIME CONTROL AND PREVENTION DISTRICT $58,227,401 $61,441,115 $3,213,714 5.5%
FORT WORTH TRANSPORTATION AUTHORITY-THE"T" $64,761,746 $65,428,745 $666,999 1.0%
The City anticipates collecting $131,936,793 by fiscal year end, which exceeds original estimates in
the FY2015 adopted budget by 4.7%. 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.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9808
To the Mayor and Members of the City Council October 13, 2015
Page 3 of 3
aYA -
YaTsSUBJECT: AUGUST 2015 - SALES TAX UPDATE
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 3rd Quarter August YTD
BEDFORD 39.1% 25.3% 28.3% 16.5% 28.5%
SOUTHLAKE 11.7% 43.8% 2.7% (0.2%) 14.0%
KELLER 14.6% 11.6% 3.6% 3.6% 9.4%
HURST 5.1% 14.4% 4.2% 5.5% 7.3%
BURLESON 25.6% 6.1% 7.8% (20.2%) 7.2%
DALLAS 8.3% 6.4% 8.4% 3.4% 6.8%
GRAND PRAIRIE 5.0% 2.3% 8.5% 4.1% 5.7%
FORT WORTH 7.4% 6.7% 3.3% 3.9% 5.6%
WATAUGA 7.1% 4.8% 5.4% 1.0% 5.2%
ARLINGTON 9.8% 2.7% 4.0% 2.0% 5.1%
GRAPEVINE 9.9% 1.3% 2.3% (2.1%) 3.9%
EULESS 4.5% (1.0%) 1.5% 10.1% 3.5%
NORTH RICHLAND HILLS 2.0% 1.7% 5.3% 0.1% 2.6%
STATE TOTAL 9.3% 8.3% 1.8% -0.4% 5.4%
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