HomeMy WebLinkAbout2022 02 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: April 28, 2022
TO: Randy Corman, Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Ed VanValey, Chief Administrative Officer
FROM: Nuri Song, Tax Auditor
SUBJECT: February 2022 Sales Tax Distribution (December 2021
Activity)
Monthly comparisons (February)
February sales tax receipts (for December 2021 activity) were $3.37 million which is $425K (15%) over February 2021 and
$607k (22%) over the February 2022 budget.
Year-to-date comparisons (February)
2022 is currently $1 million (19.2%) above 2021 and 1.3 million (25.2%) over the annualized budget. See the five-year-to-
date comparison and the historical trend information below:
Year-to-year comparison between 2021 and 2022 will be impacted by COVID-19. 2022 has shown a continuous and
stabilizing growth across all categories and all exceeding pre pandemic levels.
• Manufacturing – The manufacturing industry is up $205K (65%) over 2021 and $210K (67.7%) over budget.
• Wholesale – up currently $113K (46.9%) from 2021. The sector is performing well above anticipated levels.
• General Retail – currently up $212K (12.4%) from 2021. Growth appears steady considering the average inflation
rate was 4.7% per CPI data.
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.