09/24/2024 | Press release | Distributed by Public on 09/24/2024 12:48
Published on September 24, 2024
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.
Sales tax revenue represents the largest revenue source in the Crime Control & Prevention District (CCPD) Fund.
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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