HomeMy WebLinkAbout2018-10 SALES TAX REPORT GENERAL
ADMINISTRATIVE SERVICES
M E M O R A N D U M
DATE: November 14th, 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: October 2018 Sales Tax Distribution (August 2018 Activity)
Monthly comparisons (October)
October sales tax receipts (for August 2018 activity) were $2.44 million which is $165k (7%) above October 2017 and $106k
(5%) above the October 2018 budget.
Year-to-date comparisons (October)
2018 is currently $1.8 million (8.2%) above 2017 and $1.7 million (7.9%) 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 $1.5 million (40%) of construction receipts appear to be related to current large projects. The industry as
a whole is up $324k (9%) over 2017 and $705k (23%) over budget.
Services – The services sector is up $745k (15%) over 2017 and $907k (19%) over the annualized budget. The service
industry is experiencing substantial increases in the following categories: Food services & drinking places, Administrative
& support services, Ambulatory medical/healthcare services, and Hospitals. These increases have more than compensated
for the significant drop in Telecommunications services in 2018.
Please see the attached pages for detailed information.