August sales tax collections up from August 2023

Photo byCity of Fort Worth

August sales tax collections in Fort Worth increased compared to the same month last year. Sales tax revenue is 25% of the City of Fort Worth’s General Fund for Fiscal Year 2024 revenue. This makes sales tax the second-largest General Fund source of revenue following property tax.

Why it matters: Sales tax represents a significant revenue source for the City and can sometimes be a volatile revenue stream, so it is important for the City to closely monitor and report on monthly sales tax receipts. The FY2024 adopted budget for sales tax was estimated based on historical trends.

By the numbers: August 2024 collections are higher than August 2023.

• The FY2024 adopted budgets for General Fund and the CCPD Fund represent a 14.9% increase over FY2023.
• The FY2024 projection is an increase of 2.8% over the FY2023 actuals collected. Fort Worth collected a grand total of $343,878,798 in FY2023 for the General Fund and CCPD.
• The FY2024year-end grand total of General Fund and CCPD Fund collection is projected at $353,500,000.

Crime Control & Prevention District

Sales tax revenue represents the largest revenue source in the Crime Control & Prevention District (CCPD) Fund.

• The CCPD Fund net sales tax collections for August are 6.9% lower than the adopted budget for that fiscal month and 5.9% higher than the same month last year.

Go deeper: Sales tax is collected on a variety of transactions besides the traditional retail industry, and it is important to understand the various sources in order to anticipate any fluctuations. The top five performing industries include: department stores, limited-service eating places, building materials stores, electric utilities and other non-store retailers

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