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Northeast Times | August 10, 2022

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Sales tax collections down 3.6% in November

Sales tax collections down 3.6% in November

Fort Worth’s net sales tax collections in November totaled $12,710,219, down from November 2018 by $474,499, or 3.6%.

Year to date, sales tax collections are up 1.9%.

The city recorded a 3.8% increase when compared to the previous year’s collections for the same month. However, a large fluctuation in net collections for November is attributed to a variance in audit adjustments when comparing to the previous year’s collections. An audit adjustment occurred in the same month last year, increasing collections by a significant amount, as opposed to an audit adjustment resulting in a reduction of collections in November 2019. A negative variance of $893,094 was created due to this anomaly. Audit adjustments often cause variations when reporting net collections.

Sales tax revenue represents 22.4% 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.