HomeMy WebLinkAbout2021 09 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: October 8th, 2021
TO: Randy Corman, Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Ed VanValey, Chief Administrative Officer
FROM: Nate Malone, Budget & Accounting Manager
SUBJECT: September 2021 Sales Tax Distribution (July 2021 Activity)
Monthly comparisons (September)
September sales tax receipts (for July 2021 activity) were $2.96 million which is $521k (21.4%) over September 2020 and
$672k (29.4%) over the September 2021 budget.
Year-to-date comparisons (September)
2021 is currently 4.3 million (22%) above 2020 and 4.0 million (20.1%) 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. Some industries have recovered from the pandemic and exceeded 2020 and 2019 sales.
• General Retail – currently up 18.9% from 2020 and 19.6% for 2019. All sectors within general retail are performing
well above 2020 including miscellaneous retail trade up 40% from 2020.
• Automotive – currently up 46.6% from 2020 and 30.9% from 2019. Demand for cars has bounced back from last
year, and this sector has seen significant inflation driving prices higher.
• Construction – currently up 25.8% from 2020 and down 1% from 2019. This sector is recovering as the post-
pandemic demand surges for construction services, but this sector remains highly dependent on large project to
drive revenues.
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 5,728,168 5,857,225 5,987,478 6,023,971 7,162,942 5,754,685 1,408,257.51$ 24.5%1,138,971.91$ 18.9%
Construction 3,105,429 3,425,069 2,909,674 2,266,145 2,850,330 2,968,891 (118,561.20)$ -4.0%584,185.02$ 25.8%
Services 4,428,524 5,143,829 5,222,735 5,037,220 5,839,778 4,764,670 1,075,107.40$ 22.6%802,557.62$ 15.9%
Automotive/Gas 3,578,016 3,802,135 3,867,597 3,454,267 5,064,900 3,631,215 1,433,684.27$ 39.5%1,610,632.78$ 46.6%
Manufacturing 1,146,161 1,395,739 1,411,875 1,176,512 1,138,005 1,279,534 (141,529.25)$ -11.1%(38,506.43)$ -3.3%
Wholesale 1,093,619 1,176,216 1,220,267 1,277,647 1,246,877 1,136,209 110,667.66$ 9.7%(30,770.62)$ -2.4%
Miscellaneous 581,740 501,149 489,540 482,589 755,847 501,027 254,819.62$ 50.9%273,257.40$ 56.6%
YTD Total 19,661,658 21,301,362 21,109,167 19,718,350 24,058,678 20,036,232 4,022,446.02$ 20.1%4,340,327.68$ 22.0%
Annual total 26,331,634 28,428,635 28,318,580 26,452,836 29,270,786 26,959,932 2,310,854.02$ 8.6%2,817,949.55$ 10.7%
*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