HomeMy WebLinkAboutFS 2007-08-20 Item 2E - Report - Sales Tax Revenue Report
City of Tukwila
6200 Southcenter Boulevard e Tukwila} Washington 98188 Steven M. Mullet} Mayor
MEMORANDUM
TO: Mayor Steven M. Mullet "'-
FROM: Kevin A. Fuhrer, Finance Director
DATE: July 24, 2007
SUBJECT: SALES TAX REVENUE FOR BUDGET YEAR 2007
Sales Receipt Estimated 2007 2007 Actual Increase % Increase
Month Month Receipts Receipts Or (Decrease) or (Decrease)
MONTH YTO MONTH YTO
01/07 03/07 $1,337,000 $1,323,922 $(13,078) $(13,078) (1.00)% (1.00)%
02/07 04/07 1,288,000 1,349,572 61,572 48,494 4.78% 1.85%
03/07 05/07 1,480,000 1,707,105 227,105 275,599 15.34% 6.71%
04/07 06/07 1,402,000 1,481,508 79,508 355,107 5,67% 6.45%
05/07 07/07 1,427,000 1,497,150 70,150 425,257 4.92% 6.13%
06/07 08/07 1,575,000 0 0 0 0.00% 0.00%
07/07 09/07 1,500,000 0 0 0 0.00% 0.00%
08/07 10/07 1,470,000 0 0 0 0,00% 0.00%
09/07 11/07 1,595,000 0 0 0 0.00% 0.00%
10/07 12/07 1,476,000 0 0 0 0.00% 0.00%
11/07 01/08 1,520,000 0 0 0 0.00% 0.00%
12/07 02/08 2,068,000 0 0 0 0.00% 0.00%
TOTALS $18,138,000 $7,359,257
I have attached (3) charts that provide a 12-month rolling sales tax collection by month, 3-
year comparison, and sales tax by classification type.
Some items of interest:
D A robust level of construction activity is contributing to generous sales tax collections.
Additionally taxes from transportation equipment manufacturing are up significantly
from the prior year.
D Looking over a period of 16 years, the average for the month represents 7.87% of
total annual tax collections.
D Based upon the historical trend percentages, if the amount to date is extrapolated
one would anticipate annual sales tax collections to total $19,244,919. ($7,359,257 /
.3824) Of course we need to be cautious when considering the extrapolated value
given the construction discussion above and it's one-time/variable revenue nature.
D For comparative purposes at the same juncture of the year, 2006 and 2005 actual
year-to-date collections were 5.54% and 2.00% respectively above estimated
collections. Continuing with a comparison, the first (5) months of 2006 bore year-to-
date collections of $6,716,606 while 2005 registered $6,323,710.
Phone: 206-433-1800 e City Hall Fax: 206-433-1833 II www.cUukwila.wa.us
$2,100,000
$1,900,000
l $1,700,000
$1,500,000
o $1,300,000
$1,100,000
$900,000
$700,000
$500,000
City of Tukwila
Sales Tax By Month of Collection
Rolling Twelve Month Period
eRo
Co
L0
U
c
N N.
N
40 N. aro
COO V., eic
CI
2007
v 2006
3 -Year Comparison
$6,716 606
2005 $6,323,710
$5,000,000 $5,400,000 $5,800,000 $6,200,000 $6,600,000 $7,000,000 $7,400,000
Taxes Collected Year to Date
May Collections 07/07
Sales Tax by Type Pie Chart