Mid City Times

July sales tax collections in Fort Worth have shown a slight decrease compared to the same month last year, as reported on August 11, 2024.

Sales tax is a significant revenue source for the city and can sometimes be volatile. It is crucial for the city to monitor and report monthly sales tax receipts closely.

General Fund net sales tax collections as of July are 4.5% lower than the adopted budget and 0.6% lower than the same month last year. Sales tax revenue constitutes 25% of the city's General Fund FY2024 revenue, making it the second-largest revenue source after property tax.

Recent years have seen considerable fluctuations in the economy and retail sales due to legislative reforms on remitting sales tax to the state comptroller, impacts of a historic winter storm, changes in target interest rates, and global pandemic effects.

The FY2024 adopted budget for sales tax was estimated based on historical trends with a conservative yet realistic approach. Sales tax revenue remains the largest source of income in the Crime Control & Prevention District (CCPD) Fund. CCPD Fund net sales tax collections as of July are 2.3% lower than the adopted budget and 0.7% lower than July last year.