City Of Fort Worth: Sales Tax Collections Increase 18% In October

Dallas TX

05 January, 2022

5:59 PM

Description

Press release from City of Fort Worth: January 05, 2022 Fort Worth's net sales tax collections in October totaled $16,196,843, up from October 2020 by 18%. October'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, new restrictions are implemented or consumer behavior changes. The city's General Fund net sales tax collections as of October are 114.4% to budget, and at 118% compared to the same period last year. The city's Crime Control and Prevention District Fund sales tax collections as of October are 116.1% to budget and 118.6% to the same month last year. 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.     Get articles like this in your inbox. Subscribe to City News.   This press release was produced by City of Fort Worth. The views expressed here are the author's own.