HomeMy WebLinkAbout2018-04 SALES TAX REPORT GENERALADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE:
TO:
CC:
FROM:
SUBJECT:
May 28th, 2018
Ed Prince, Council President
Members of Renton City Council
Denis Law, Mayor
Robert Harrison, Chief Administrative Officer
Nate Malone, Tax Auditor
April 2018 Sales Tax Distribution (February 2018 Activity)
Monthly comparisons (April)
April sales tax receipts (for February 2018 activity) were $2 million which is $138k (7%) above April 2017 and $52k
(3%) above the April 2018 budget.
Year-to-date comparisons (April)
2018 is currently $782k (9%) above 2017 and $626k (7%) over the annualized budget. See the five-year-to-date
comparison and the historical trend information below:
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.
Construction – The construction industry sales tax revenues are heavily influenced by large projects currently
ongoing. Approximately $530k (38%) of construction receipts appear to be related to current large projects.
Services – The services sector is up $410k (23%) over 2017 and $305k (16%) over the annualized budget. The service
industry appears to be influenced by the healthcare industry and their increasing presence in Renton accounting
for $291k of the year to date receipts.
Please see the attached pages for detailed information.