HomeMy WebLinkAbout2018-05 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: June 21st, 2018
TO: Ed Prince, Council President
Members of Renton City Council
CC: Denis Law, Mayor
Robert Harrison, Chief Administrative Officer
FROM: Nate Malone, Tax Auditor
SUBJECT: May 2018 Sales Tax Distribution (March 2018 Activity)
Monthly comparisons (May)
May sales tax receipts (for March 2018 activity) were $2.5 million which is $124k (5%) above May 2017 and $178k
(7%) above the May 2018 budget.
Year-to-date comparisons (May)
2018 is currently $907k (8%) above 2017 and $805k (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 $753k (39%) of construction receipts appear to be related to current large projects. The
industry as a whole is up $150k (9%) over 2017 and $446k (31%) over budget.
Services – The services sector is up $464k (20%) over 2017 and $372k (15%) over the annualized budget. The service
industry appears to be influenced by the healthcare industry and their increasing presence in Renton accounting
for $334k of the year to date receipts.
Please see the attached pages for detailed information.