HomeMy WebLinkAbout2022 03 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: March 2022 Sales Tax Distribution (January 2022 Activity)
Monthly comparisons (March)
March sales tax receipts (for January 2022 activity) were $2.58 million which is $193K (9%) over March 2021 and $459k
(21.7%) over the March 2022 budget.
Year-to-date comparisons (March)
2022 is currently 1.2 million (15.7%) above 2021 and 1.7 million (24.1%) 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 $149K (34.6%) over 2021 and $130K (29%) over budget.
• Wholesale – up currently up $225K (62.6%) from 2021. The sector is performing well above anticipated levels.
• General Retail – currently up $157K (6.5%) 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.