HomeMy WebLinkAbout2021 04 SALES TAX REPORT GENERAL ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: May 3, 2021
TO: Randy Corman, Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Ed VanValey, Chief Administrative Officer
FROM: Junyi Wang, Tax Auditor
SUBJECT: April 2021 Sales Tax Distribution (February 2021 Activity)
Monthly comparisons (April)
April sales tax receipts (for February 2021 activity) were $2.3 million which is $640k (38.5%) over April 2020 and $553k
(31.6%) over the April 2021 budget.
Year-to-date comparisons (April)
2021 is currently 998K (11.2%) above 2020 and 1.9 million (23.2%) 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 2020 – 2021. We see a significant increase in sales
receipts this month compared to the same period in 2020. Some industries such as construction and manufacturing have
not caught up to 2019 pre-pandemic performance, but we should see them improving as more projects and business
activities resumed.
In the past year, many stores and other retail locations have been required to be closed or operating at minimal capacity,
and some businesses will be closing permanently due to decreased revenues. However, we are seeing some industries
recover:
• Miscellaneous – currently up 41.6% from 2020. This sector is improving mainly because of the high demand in
food delivery service. Several food delivery apps are making greater profit during the pandemic than before.
• Automotive – currently up 28.3% from 2020. Demand for cars has bounced back from last year, and automakers
resumed production after the initial shutdown. However, the current chip shortage may negatively affect
automotive production again.
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 2,498,163 2,614,442 2,600,241 2,677,518 3,027,573 2,356,978 670,594.88$ 28.5%350,054.96$ 13.1%
Construction 1,346,295 1,382,591 1,328,362 1,129,569 1,137,507 1,172,785 (35,278.27)$ -3.0%7,938.21$ 0.7%
Services 1,812,097 2,222,537 2,185,479 2,366,854 2,506,266 1,968,108 538,157.56$ 27.3%139,411.72$ 5.9%
Automotive/Gas 1,548,693 1,644,222 1,606,503 1,536,467 1,971,794 1,456,504 515,289.79$ 35.4%435,326.89$ 28.3%
Manufacturing 509,261 624,356 687,638 541,355 541,430 540,641 788.74$ 0.1%74.97$ 0.0%
Wholesale 454,437 465,368 413,232 483,788 463,794 384,633 79,161.44$ 20.6%(19,994.06)$ -4.1%
Miscellaneous 214,214 212,304 210,075 205,527 291,034 189,728 101,306.15$ 53.4%85,507.42$ 41.6%
YTD Total 8,383,159 9,165,821 9,031,530 8,941,077 9,939,397 8,069,377 1,870,020.29$ 23.2%998,320.10$ 11.2%
Annual total 26,331,634 28,428,635 28,318,580 26,452,836 26,314,852 24,959,932 1,354,919.80$ 5.4%(137,984.68)$ -0.5%
*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