HomeMy WebLinkAbout2021 02 SALES TAX REPORT GENERAL ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: March 2, 2021
TO: Randy Corman, Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Ed VanValey, Interim Chief Administrative Officer
FROM: Junyi Wang, Tax Auditor
SUBJECT: February 2021 Sales Tax Distribution (December 2020
Activity)
Monthly comparisons (February)
February sales tax receipts (for December 2020 activity) were $2.9 million which is $108k (3.8%) above February 2020 and
$539k (22.4%) above the February 2021 budget.
Year-to-date comparisons (February)
2021 is currently $100k (2.0%) above 2020 and $826k (18.7%) 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 2021. There are three factors which are going to
impact our sales tax distribution; first DOR is providing extensions for some filers, second many stores and other retail
locations have been required to be closed or operating at minimal capacity, and lastly some businesses will be closing
permanently due to decreased revenues. However, we are seeing some industries recover, Automotive is up 31.6% and
Manufacturing is up 24.8% from February 2020 distribution.
Industries impacted most by COVID-19:
• Construction – Currently down 30.4%. Was improving over the late summer/fall months as projects resumed but
has seen a significant decrease in the current distribution.
• Services- Currently down 4.0%. This sector includes restaurants which are primarily operating at limited capacity
which can be further impacted by other restrictions.
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 1,437,641 1,489,139 1,509,964 1,536,592 1,713,550 1,349,507 364,043.25$ 27.0%176,958.18$ 11.5%
Construction 719,531 734,464 739,036 735,642 511,961 650,186 (138,225.09)$ -21.3%(223,680.44)$ -30.4%
Services 981,950 1,218,266 1,192,300 1,313,172 1,260,831 1,030,783 230,047.78$ 22.3%(52,341.13)$ -4.0%
Automotive/Gas 832,969 883,610 856,629 928,924 1,057,533 795,594 261,938.80$ 32.9%128,609.50$ 13.9%
Manufacturing 239,714 364,849 378,028 255,688 315,142 285,895 29,246.55$ 10.2%59,453.89$ 23.3%
Wholesale 244,529 255,399 231,674 263,199 239,902 208,001 31,900.53$ 15.3%(23,297.23)$ -8.9%
Miscellaneous 110,202 111,265 111,349 114,406 148,879 101,770 47,108.60$ 46.3%34,472.15$ 30.1%
YTD Total 4,566,536 5,056,993 5,018,980 5,147,622 5,247,797 4,421,737 826,060.42$ 18.7%100,174.92$ 2.0%
Annual total 26,331,634 28,428,635 28,318,580 26,452,836 25,681,949 24,959,932 722,016.53$ 2.9%(770,887.94)$ -2.9%
*Bolded figure in each sector is the highest YTD of the five years shown
2021 Actual/Budget2021 YTD
Budget
2021 - 2020 YTD2017 YTD
Actual
2018 YTD
Actual
2019 YTD
Actual
2020 YTD
ActualSector