HomeMy WebLinkAboutFS 2008-09-16 Item 2B - Report - 2008 Sales Tax RevenueCity of Tukwila
6200 Southcenter Boulevard A Tukwila, Washington 98188
in 1,000's
Sales Receipt 2007 2008
Month Month Actual Estimated
Jan Mar 1,324 1,398
Feb Apr 1,350 1,350
Mar May 1,707 1,564
Apr June 1,482 1,472
May July 1,497 1,497
June Aug 1,768 1,657
July Sept 1,616 1,577
Aug Oct 1,607 1,546
Sept Nov 1,704 1,672
Oct Dec 1,597 1,552
Nov Jan09 1,652 1,596
Dec Feb09 2,112 2,164
MEMORANDUM
To: Mayor Jim Haggerton
From: Robert F. Noland, Interim Finance Director 1Z
Date: September 11, 2008
Subject Sales Tax Revenue for 2008
Totals 19,416 19,045 8,951
Schedule I
2008 Increase /(Decrease) %Increase /(Decrease)
Actual Month YTD Month YTD
1,347 (51) (51) -3.64% -3.64%
1,357 7 (44) 0.52% -1.60%
1,601 37 (7) 0.06% -1.00%
1,365 (107) (114) -7.27% -1.97%
1,635 138 24 9.22% 3.30%
1,646 (11) 13 -0.66% 0.00%
0 0 0 0.00% 0.00%
0 0 0 0.00% 0.00%
0 0 0 0.00% 0.00%
0 0 0 0.00% 0.00%
0 0 0 0.00% 0.00%
0 0 0 0.00% 0.00%
After lagging behind budget projections in previous months, sales tax collections rebounded
strongly in May, to a point where collections were 9.2% above budget for the month.
However, collections dropped again in June and were 0.7% below budget for the month.
On a year -to -date basis, actual sales tax revenue is now even with the budget, but 2% below
collections at this time last year. Extrapolating this trend to the end of the year would result
in actual sales tax revenue meeting the budget estimate of $19 million, but below the record
collections in the previous year by $400,000. By comparison, actual year -to -date collections
Sales Tax Revenue Page 2
for 2007, 2006, and 2005 were 7.3 7.8 and 7.3% respectively above estimated
projections.
The major unknown, of course, is the future impact of the Streamlined Sales Tax Initiative,
which went into effect on July 1St of this year. Also to be determined is the positive impact
that will result from the mall expansion which recently opened.
Schedule II shows the year -to -date sales tax from the top 10 categories of retail
establishments. As this schedule indicates, there is no clear pattern to explain the current
trend. The variances are both up and down in these categories.
Attached are three charts that provide a 12 -month rolling sales tax collection by month, a 4-
year comparison, and sales tax by classification type.
in 1,000`s Schedule ll
YTD YTD Dollar
Group Name Current Prior Diff. Diff.
452 General Merchandise Stores 1,025 1,135 (110) -9.7%
423 Wholesale Trade, Durable Goods 1,160 1,117 43 3.8%
448 Clothing Accessories 863 754 109 14.5%
443 Electronics Appliances 554 673 (119) -17.7%
236 Construction of Buildings 716 611 105 17.2%
722 Food Services, Drinking Places 626 542 84 15.5%
442 Furniture Home Furnishings 400 531 (131) -241%
441 Motor Vehicle Parts Dealer 487 490 (3) -0.6%
444 Building Material Garden 334 402 (68) -16.9%
453 Misc. Store Retailers 367 377 (10) -2.7%
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Type 11 Amount
1 General Retail 723,931 44.0%
2 Auto 78,680 4.8%
3 Services 354,566 21.5%
4 Construction 281,791 17.1%
5 Manufacturing 17,947 1.1%
6 Transportation 3,791 0.2%
7 Wholesale 169,551 10.3%
8 Miscellaneous 15,966 1.0%
Total 1,646,223 100 0%
sportation
=mss
Wholesale
=t- 10.3%
June 2008