HomeMy WebLinkAbout2020 03 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: April 10, 2020
TO: Ruth Pérez , Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Robert Harrison, Chief Administrative Officer
FROM: Nate Malone, Tax & License Manager
SUBJECT: March 2020 Sales Tax Distribution (January 2020 Activity)
Monthly comparisons (March)
March sales tax receipts (for January 2020 activity) were $2.13 million which is $63k (3%) above March 2019 and $24k (1.1
%) Below the March 2020 budget.
Year‐to‐date comparisons (March)
2020 is currently $192k (2.7%) above 2019 and $141k (2.0%) over the annualized budget. See the five‐year‐to‐date
comparison and the historical trend information below:
Services – The services industry had several large transactions in January as well as several companies performing above
the anticipated and 2019 actuals. Currently the Service sector is 13.1% above budgeted figures and 17.5% above 2019
YTD.
Wholesale – The wholesale industry was heavily influenced by a few large transactions and currently is above (15.3%)
budgeted figures as well as 14.0% above 2019.
Manufacturing – The manufacturing sector is currently significantly below budgeted (33.6%) and 2019 YTD (15.4%) figures.
The industry will likely continue to underperform through the next several months of 2020.
COVID‐19 will heavily influence the sales tax figures throughout 2020 and we will likely see a considerable drop in revenues
starting with the May distribution. YTD figures and performance reported on this report as this is for January 2020 activity,
which is why the overall sales tax performance remains positive at this time.
The annual budget‐by‐sector has been based upon the average of the previous five years proportionate to the overall
receipts. The monthly budget‐by‐sector is based upon the five‐year average by month, proportionate to the annual totals.
Please see the attached pages for detailed information.
$ diff % diff $ diff % diff
General Retail 1,874,318 1,980,703 2,089,087 2,079,042 2,096,391 2,125,903 (29,511.92)$ ‐1.4% 17,348.66$ 0.9%
Construction 873,553 1,053,453 1,078,451 1,048,071 929,732 1,006,341 (76,609.20)$ ‐7.6% (118,339.49)$ ‐11.2%
Services 1,357,842 1,413,183 1,720,890 1,682,053 1,929,848 1,706,846 223,001.84$ 13.1% 247,795.20$ 17.5%
Automotive/Gas 1,189,828 1,198,109 1,267,907 1,233,625 1,343,634 1,283,450 60,184.14$ 4.7% 110,009.90$ 9.2%
Manufacturing 431,563 370,507 479,103 549,333 424,823 502,084 (77,260.73)$ ‐15.4% (124,510.19)$ ‐33.6%
Wholesale 276,840 334,843 354,299 336,870 388,132 340,423 47,709.05$ 14.0% 51,262.46$ 15.3%
Miscellaneous 149,854 161,015 166,436 156,516 165,022 171,361 (6,339.26)$ ‐3.7% 8,505.98$ 5.3%
YTD Total 6,153,799 6,511,814 7,156,173 7,085,510 7,277,582 7,136,408 141,173.92$ 2.0% 192,072.51$ 2.7%
Annual total 26,353,233 26,331,634 28,428,635 28,318,580 28,728,149 28,659,932 68,217.34$ 0.2% 409,569.18$ 1.6%
*Bolded figure in each sector is the highest YTD of the five years shown
Sector 2020 Actual/Budget2020 YTD
Budget
2020 ‐ 2019 YTD2016 YTD
Actual
2017 YTD
Actual
2018 YTD
Actual
2019 YTD
Actual
2020 YTD
Actual