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Tuesday, October 20, 2020
Business Council Report: Sales tax revenue up for March

Council Report: Sales tax revenue up for March

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MARCH SALES TAX UPDATE

During Tuesday’s work session, the Fort Worth City Council received an informal report on the March sales tax revenue.

Sales tax revenue represents approximately 22 percent of the City’s general fund anticipated revenue in Fiscal Year 2019. 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 $725,679 or 5 percent, compared to the same month last year. The City experienced $563,563 or a 3.8 percent increase when compared to last year’s collections for the same month.

The City’s general fund sales tax collections are 101 percent to budget, and at 106 percent for the same period last year. The City’s Crime Control and Prevention District Fund (CCPD) sales tax collections as of FY2019 are 102 percent to budget, and 107 percent for the same period last year.

City officials anticipate collecting $163,151,802 by fiscal year end, which matches original estimates in the FY2019 adopted budget.

Fort Worth is fourth among large cities in the state for current year sales tax net collections with 106.4 percent. Irving leads with 117.6 percent, followed by Arlington at 108.6, and Austin at 107.2.

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