City Of Fort Worth: Sales Tax Collections Jump 24% In September

Press release from City of Fort Worth:

November 16, 2021

Fort Worth’s net sales tax collections in September totaled $18,737,920, up from September 2020 by 24.7%.

September’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 September are 111.4% to budget, and at 113.2% through the same period last year. The city’s Crime Control and Prevention District Fund sales tax collections as of September are 113.3% to budget and 114.1% through the same period last year.

Actual collections in fiscal year 2021 totaled $187,495,736 in the General Fund, which is 11.4% higher than the adopted budget amount. Actual collections in fiscal year 2021 totaled $89,778,516 in the Crime Control and Prevention District Fund, which is 13.3% higher than the adopted budget amount.

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.

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