HomeMy WebLinkAbout2021 03 SALES TAX REPORT GENERAL ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: April 6, 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: March 2021 Sales Tax Distribution (January 2021 Activity)
Monthly comparisons (March)
March sales tax receipts (for January 2021 activity) were $2.39 million which is $257k (12.1%) over March 2020 and $490k
(25.9%) over the March 2021 budget.
Year-to-date comparisons (March)
2021 is currently 358K (4.9%) above 2020 and 1.3 million (20.8%) 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, Construction is up 29.9% and
General Retail is up 27.7% from March 2020 distribution. Services industry has been slowly recovering as restaurants are
still operating at limited capacity.
Construction industry was impacted the most by COVID-19, which is currently down by 17.8%. This industry was improving
over the late summer/fall months as projects resumed but has seen a significant decrease in the current distribution.
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 1,980,703 2,089,087 2,079,042 2,096,391 2,428,656 1,864,861 563,794.90$ 30.2%332,264.42$ 15.9%
Construction 1,053,453 1,078,451 1,048,071 929,732 764,177 918,331 (154,154.16)$ -16.8%(165,555.14)$ -17.8%
Services 1,413,183 1,720,890 1,682,053 1,929,848 1,914,602 1,531,945 382,657.57$ 25.0%(15,245.51)$ -0.8%
Automotive/Gas 1,198,109 1,267,907 1,233,625 1,343,634 1,506,620 1,148,656 357,963.76$ 31.2%162,985.15$ 12.1%
Manufacturing 370,507 479,103 549,333 424,823 431,050 415,619 15,430.74$ 3.7%6,226.96$ 1.5%
Wholesale 334,843 354,299 336,870 388,132 359,832 291,767 68,065.04$ 23.3%(28,300.49)$ -7.3%
Miscellaneous 161,015 166,436 156,516 165,022 230,464 147,213 83,250.43$ 56.6%65,441.88$ 39.7%
YTD Total 6,511,814 7,156,173 7,085,510 7,277,582 7,635,399 6,318,391 1,317,008.28$ 20.8%357,817.28$ 4.9%
Annual total 26,331,634 28,428,635 28,318,580 26,452,836 26,036,216 24,959,932 1,076,283.67$ 4.3%(416,620.81)$ -1.6%
*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