OCTOBER SALES TAX UPDATE
During Tuesday’s work session, the Fort Worth City Council received the October sales tax update. Sales tax revenue represents 22.4% of the city’s general fund anticipated revenue in Fiscal Year 2020. 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.
The city’s net sales tax collection is up $983,173, or 7.6%, compared to the same month last year. Fort Worth experienced $1,085,521, or an 8.7% increase in the current period collections compared to last year for the same month.
The city’s general fund sales tax collections as of the first month of FY2020 are 104.3% to budget, and at 107.6% for the same period last year. The city’s Crime Control and Prevention District Fund (CCPD) sales tax collections for that same time are 106.1% to budget, and 108.2% for the same period last year.
City officials anticipate collecting $172,769,615 by fiscal year end, which matches original estimates in the FY2020 adopted budget.
Statewide, comparing this year to a year ago against other large cities, Fort Worth is tied with Arlington for seventh at 107.6%. El Paso tops the list at 123.2%, followed by Grand Prairie at 115.6%, and Irving at 112.5%.