HomeMy WebLinkAbout2022 10 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: November 2, 2022
TO: Ryan McIrvin, Council President
Members of Renton City Council
CC: Armondo Pavone, Mayor
Ed VanValey, Chief Administrative Officer
FROM: Fred Hall, Tax & Licensing Manager
SUBJECT: October 2022 Sales Tax Distribution (August 2022 Activity)
Monthly comparisons (October)
October sales tax receipts (for August 2022 activity) were $3.6 million which is $761K (27.2%) over October 2021 and
$679K (23.5%) over the October 2022 budget.
Year‐to‐date comparisons (October)
2022 is currently $4.1 million (15.2%) above 2021 and $2.7 million (9.5%) over the annualized budget. See the five‐year‐
to‐date comparison and the historical trend information below:
Year‐to‐year comparison between 2021 and 2022 will be impacted by COVID‐19. 2022 has shown a continuous and
stabilizing growth across all categories and all exceeding pre pandemic levels.
All Sectors are exceeding the revenue reported in 2021
Services – currently up 19.2% from 2021.
Wholesale – currently up 51.3% from 2021.
Manufacturing – currently up 39.3% from 2021
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.
$ diff % diff $ diff % diff
General Retail 6,522,965 6,651,783 6,727,340 7,923,968 8,673,186 8,199,231 473,955.14$ 5.8% 749,218.05$ 9.5%
Construction 3,799,974 3,205,356 2,501,183 3,232,556 3,572,662 3,885,870 (313,208.51)$ ‐8.1% 340,105.94$ 10.5%
Services 5,706,656 5,840,031 5,548,952 6,531,277 7,783,403 6,851,221 932,182.93$ 13.6% 1,252,126.49$ 19.2%
Automotive/Gas 4,269,672 4,310,629 3,900,084 5,655,093 6,093,805 5,303,091 790,713.35$ 14.9% 438,711.14$ 7.8%
Manufacturing 1,542,490 1,554,770 1,249,963 1,306,907 1,820,121 1,658,177 161,944.70$ 9.8% 513,214.13$ 39.3%
Wholesale 1,325,470 1,367,620 1,396,701 1,374,163 2,079,367 1,598,842 480,524.98$ 30.1% 705,204.39$ 51.3%
Miscellaneous 572,524 544,251 558,088 839,526 920,367 757,363 163,003.98$ 21.5% 80,841.22$ 9.6%
YTD Total 23,739,752 23,474,440 21,882,311 26,863,490 30,942,911 28,253,795 2,689,116.56$ 9.5% 4,079,421.36$ 15.2%
Annual total 28,428,635 28,318,580 26,452,836 32,660,033 36,765,547 34,076,430 2,689,116.56$ 7.9% 4,105,513.18$ 12.6%
*Bolded figure in each sector is the highest YTD of the five years shown
Sector 2022 Actual/Budget2022 YTD Budget 2022 ‐ 2021 YTD2018 YTD
Actual
2019 YTD
Actual
2020 YTD
Actual
2021 YTD
Actual
2022 YTD
Actual