HomeMy WebLinkAbout2018-08 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: September 10th, 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: August 2018 Sales Tax Distribution (June 2018 Activity)
Monthly comparisons (August)
August sales tax receipts (for June 2018 activity) were $2.5 million which is $152k (7%) above August 2017 and $195k (8%)
above the August 2018 budget.
Year‐to‐date comparisons (August)
2018 is currently $1.1 million (6.5%) above 2017 and $1.2 million (6.8%) 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 $1.1 million (37%) of construction receipts appear to be related to current large projects. The industry as
a whole is up $172k (6%) over 2017 and $593k (25%) over budget.
Services – The services sector is up $575k (15%) over 2017 and $634k (17%) over the annualized budget. The service
industry appears to be influenced by the healthcare industry and their increasing presence in Renton as well as a
substantial uptick in the restaurant/food services industry.
Please see the attached pages for detailed information.
2015 YTD
Actual $ diff % diff $ diff % diff
General Retail 4,376,153 4,681,060 4,182,666 5,077,816 5,160,892 5,264,211 ######## ‐2.0% 83,076 1.6%
Construction 1,396,108 1,784,455 2,351,822 2,828,855 3,001,576 2,408,028 593,548$ 24.6% 172,722 6.1%
Services 3,023,280 3,396,374 3,192,103 3,901,077 4,476,311 3,842,172 634,139$ 16.5% 575,234 14.8%
Automotive/Gas 2,655,909 2,954,996 2,791,024 3,168,239 3,375,697 3,256,095 119,602$ 3.7% 207,457 6.6%
Manufacturing 1,385,728 1,166,196 1,023,797 1,001,529 1,177,338 1,266,108 (88,771)$ ‐7.0% 175,809 17.6%
Wholesale 763,291 780,454 706,342 1,002,949 989,807 939,132 50,675$ 5.4% ‐13,142 ‐1.3%
Miscellaneous 398,389 380,384 340,431 518,428 447,958 461,080 (13,122)$ ‐2.8% ‐70,470 ‐13.6%
YTD Total 13,998,857 15,143,919 14,588,184 17,498,892 18,629,578 17,436,826 1,192,752 6.8% 1,130,686 6.5%
Annual total 21,502,070 23,439,266 26,353,233 26,331,634 27,876,192 26,683,440 1,192,752 4.5% 1,544,558 5.9%
*Bolded figure in each sector is the highest YTD of the five years shown
Sector 2018 Actual/Budget2018 YTD
Budget
2018 ‐ 2017 YTD2014 YTD
Actual
2016 YTD
Actual
2017 YTD
Actual
2018 YTD
Actual