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Finance staff: property tax revenue $13M below budget; sales tax up 6% year over year
Summary
City finance staff reported a projected $660,000 general fund saving after expense cuts, noted property tax revenues are about $13 million below budget (roughly $10 million tied to protests), and said June-to-June sales tax rose about 6%. Officials said World Cup sales tax impact will show in coming months.
Christy Lemon, assistant director in the Fort Worth Lab, presented the monthly financial report for fiscal month 9 and outlined revenue and expenditure trends. "You'll see that the property tax revenue is $13,000,000 below budget. About 10,000,000 of that is due to protests midyear protests and litigation," Lemon said, and also reported June‑to‑June sales tax is up about 6 percent.
Lemon said departments cut roughly $10 million in expenses after a hiring freeze and discretionary reductions, leaving the general fund projecting approximately $660,000 in savings. Committee members asked when World Cup‑related sales tax receipts will appear; Lemon said those collections are a few months in arrears and should start to show in September and October.
