HomeMy WebLinkAbout2020 02 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: March 17, 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: February 2020 Sales Tax Distribution (December 2019
Activity)
Monthly comparisons (February)
February sales tax receipts (for December 2019 activity) were $2.84 million which is $80k (2.9%) above February 2019 and
$120k (4.4%) above the February 2020 budget.
Year‐to‐date comparisons (February)
2020 is currently $128k (2.5%) above 2019 and $165k (3.3%) 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 14.3% above budgeted figures and 12.3% above 2019
YTD.
Wholesale – The wholesale industry was affected by large transactions and currently is above (8.6%) budgeted figures as
well as 12.9% above 2019.
Manufacturing – The manufacturing sector is currently significantly below budgeted (28.3%) and 2019 YTD (51%) figures.
The industry will likely continue to underperform through the next several months of 2020.
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.