City Of Fort Worth: Sales Tax Collections Jump 23% In July

Press release from City of Fort Worth:

September 21, 2021

Fort Worth’s net sales tax collections in July totaled $16,194,411, up from July 2020 by 23.6%.

July’s collections continue to demonstrate a trend of strong performance after several months of stagnation following the initial response to the COVID-19 pandemic in March 2020. Although the revenue trend is positive, staff continues to note the potential volatility in future receipts if the pandemic intensifies or new restrictions are implemented.

The city’s General Fund net sales tax collections as of July are 110.1% to budget, and at 111.4% through the same period last year. The city’s Crime Control and Prevention District Fund sales tax collections as of July are 109.2% to budget and 112.3% through the same period last year.

The city anticipates collecting $179,600,000 by the end of the fiscal year, which exceeds original estimates in the current adopted budget by 6.7%. This is an increase of 8.4% over fiscal year 2020 actual collections.

Staff will continue to provide regular updates as financial analysis continues for sales tax impacts due to COVID-19.

Sales tax revenue represents 22% of the city’s General Fund budget. This is the second largest revenue source, with property taxes being the largest.

For the Crime Control and Prevention District, sales tax revenue represents the largest revenue source.

This press release was produced by City of Fort Worth. The views expressed here are the author’s own.