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.