45.2 F
Fort Worth
Wednesday, December 2, 2020
Business Council Report: September sales tax update up 7.5%

Council Report: September sales tax update up 7.5%

Other News

Left for dead, twice, RadioShack gets another shot online

SILVER SPRING, Md. (AP) — RadioShack, a fixture at the mall for decades, has been pulled from brink of death, again. It’s the most prized...

JC Penney sees bankruptcy protection exit by Christmas

NEW YORK (AP) — J.C. Penney believes it will emerge from bankruptcy protection before Christmas under a new ownership agreement that would save tens...

Petalo, not Charmin: Virus brings Mexican toilet paper to US

By JOSEPH PISANI AP Retail Writer NEW YORK (AP) — Toilet paper is back on store shelves. But you may not recognize some of the...

Mall owners close to buying JC Penney out of bankruptcy

By ANNE D'INNOCENZIO AP Retail WriterNEW YORK (AP) — Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to...

At Tuesday’s work session, the Fort Worth City Council received the September sales tax update. Sales tax revenue represents approximately 22% 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 experienced an increase of more than $1 million, or a 7.5% increase in current period collections when compared to last year’s collections for the same month. In all, current period collections totaled over $15.3 million, compared to just over $14.2 in September 2018.

The city’s general fund sales tax as of the final month of the Fiscal Year 2019 budget are 100.9% to budget, and at 105.1% for the same period last year. The CCPD sales tax collections are 101.9% to budget, compared to 105.7% for the same period last year.

Overall, the city sales tax collections rose in the fourth quarter of the fiscal year to 104.1% to budget, after taking a dip to 103.6% in the third quarter. Still, the recent uptick trails the first two quarters, when the results were 106.2% and 106.6%.

Compared to other select cities throughout the state, Fort Worth’s 105.1% compared to last year’s same period is tied for sixth with San Antonio. Irving leads with 111.8%, followed by Arlington (109.9%), Austin (107.3%), Grand Prairie (106.5%), and McKinney (105.8%).

The state total average is 105.5%.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Grand Prairie Deputy Mayor Pro Tem Swafford dies from COVID

City of Grand Prairie Deputy Mayor Pro Tem Jim Swafford died from COVID-19 Tuesday, Dec. 1, 2020, while hospitalized at Methodist Mansfield Medical Center. He...

Incora announces group CEO as it makes Fort Worth move

David Coleal has been named Incora group chief executive officer effective Nov. 30, heading a company that was formed when Wesco Aircraft merged with ...

Gov. Greg Abbott endorses Drew Springer over Shelley Luther in Texas Senate special election runoff

Gov. Greg Abbott on Tuesday endorsed state Rep. Drew Springer, R-Muenster, in his bid to join the Texas Senate, charging into a heated intraparty...

Texas must boost coronavirus control efforts amid “full resurgence” of infections, White House report says

Texas must ramp up efforts to slow the spread of the coronavirus as the state experiences a “full resurgence” of COVID-19 infections, according to...

How the West Wins Panel Discussion set during NFR events

The National Finals Rodeo will be taking place on December 3-12 at the Globe Life Stadium in Arlington, but there are plenty of other...