Mayor Mattie Parker, City of Fort Worth | City of Fort Worth website
Mayor Mattie Parker, City of Fort Worth | City of Fort Worth website
Sales tax collections in Fort Worth for September 2024 showed an increase compared to the same period last year. This revenue constitutes 25% of the city's General Fund for Fiscal Year 2024, making it the second-largest source of revenue after property tax.
The significance of sales tax as a major revenue stream necessitates close monitoring and reporting by the city due to its potential volatility. The FY2024 budget projections for sales tax were based on historical data.
In terms of numbers, September 2024 saw higher collections than September 2023. Additionally, sales tax remains the largest revenue source for the Crime Control & Prevention District (CCPD) Fund.
Sales tax is derived from various transactions beyond traditional retail, including department stores, limited-service eating places, building materials stores, electric utilities, and other non-store retailers. Understanding these sources is crucial to anticipating any fluctuations.
Following three years of strong growth in sales tax receipts post-pandemic lockdowns, growth slowed in 2024 but remained positive. The city aims for more stable long-term growth in 2025 and beyond.
Alerts Sign-up