July sales tax collections down slightly from July 2023

July sales tax collections down slightly from July 2023

Published on August 11, 2024

July sales tax collections in Fort Worth are slightly lower than the same month last year.

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.

By the numbers: 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 makes up 25% of the City's General Fund FY2024 revenue and is the second-largest source of revenue, following property tax.

Recent years have witnessed significant swings to the economy and retail sales, including legislative reform on remitting sales tax to the state comptroller, effects of a historic winter storm, fluctuations in target interest rates, and the effects of a global pandemic.

The FY2024 adopted budget for sales tax was estimated based on historical trends. The City takes a conservative, yet realistic, approach to estimating sales tax.

Crime Control & Prevention District

Sales tax revenue represents the largest revenue source 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 the same month last year.

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• Business & Economy