HomeMy WebLinkAbout2021 05 SALES TAX REPORT GENERAL ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: May 28, 2021
TO: Randy Corman, Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Ed VanValey, Chief Administrative Officer
FROM: Junyi Wang, Tax Auditor
SUBJECT: May 2021 Sales Tax Distribution (March 2021 Activity)
Monthly comparisons (May)
May sales tax receipts (for March 2021 activity) were $2.8 million which is $1.06 million (59.9%) over May 2020 and $704k
(33%) over the May 2021 budget.
Year-to-date comparisons (April)
2021 is currently 2.06 million (19.2%) above 2020 and 2.6 million (25.2%) over the annualized budget. See the five-year-
to-date comparison and the historical trend information below:
COVID-19 will continue to influence the sales tax figures throughout 2020 – 2021. We see a significant increase in sales
receipts this month compared to the same period in 2020. Some industries such as construction and manufacturing have
not caught up to 2019 pre-pandemic performance, but we should see them improving as more projects and business
activities resumed.
In the past year, many stores and other retail locations have been required to be closed or operating at minimal capacity,
and some businesses will be closing permanently due to decreased revenues. However, we are seeing some industries
recover:
• Automotive – currently up 57.6% from 2020. Demand for cars has bounced back from last year, and automakers
resumed production after the initial shutdown. However, the current chip shortage may negatively affect
automotive production again.
• Miscellaneous – currently up 50.9% from 2020. This sector is improving mainly because of the high demand in
food delivery service. Several food delivery apps are making greater profit during the pandemic than before.
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.
2021 YTD $ diff % diff $ diff % diff
General Retail 3,152,579 3,252,163 3,279,351 3,264,002 3,828,156 2,941,025 887,130.44$ 30.2%564,153.55$ 17.3%
Construction 1,747,742 1,897,845 1,630,126 1,351,828 1,434,641 1,519,221 (84,580.83)$ -5.6%82,812.76$ 6.1%
Services 2,351,275 2,815,920 2,784,954 2,804,157 3,154,990 2,509,299 645,690.54$ 25.7%350,832.66$ 12.5%
Automotive/Gas 1,975,629 2,084,522 2,086,091 1,690,008 2,662,623 1,807,197 855,425.84$ 47.3%972,614.21$ 57.6%
Manufacturing 642,159 778,761 886,389 638,188 652,107 680,952 (28,845.48)$ -4.2%13,918.33$ 2.2%
Wholesale 579,336 558,755 560,189 716,142 664,745 494,831 169,914.51$ 34.3%(51,396.88)$ -7.2%
Miscellaneous 316,419 284,333 266,393 251,830 379,972 250,291 129,681.30$ 51.8%128,142.07$ 50.9%
YTD Total 10,765,139 11,672,299 11,493,492 10,716,156 12,777,233 10,202,817 2,574,416.32$ 25.2%2,061,076.71$ 19.2%
Annual total 26,331,634 28,428,635 28,318,580 26,452,836 26,961,017 24,959,932 2,001,085.41$ 8.0%508,180.94$ 1.9%
*Bolded figure in each sector is the highest YTD of the five years shown
Sector 2021 Actual/Budget2021 YTD
Budget
2021 - 2020 YTD2017 YTD
Actual
2018 YTD
Actual
2019 YTD
Actual
2020 YTD
Actual