HomeMy WebLinkAboutFS 2010-06-22 Item 2D - Report - March 2010 Sales Tax Revenue ReportTO:
City of Tukwila
INFORMATIONAL MEMORANDUM
Mayor Haggerton
Finance and Safety Committee
FROM: Shawn Hunstock, Finance Director
DATE: May 25, 2010
SUBJECT: Sales Tax Revenue for March 2010
Schedule I
in 1,000's
Sales Receipt 2009 2010 2010 Increase /(Decrease) %Increase/(Decrease)
Month Month Actual Estimated Actual Month YTD Month YTD
Jan Mar 1,172 1,483 1,036 (447) (447) 30.14% 0.00%
Feb Apr 1,051 1,462 1,006 (456) (903) 31.19% 30.66%
Mar May 1,146 1,705 1,157 (548) (1,451) 32.14% 31.20%
Apr June 1,191 1,578 (1,578) (3,029) 100.00% 48.64%
May July 1,082 1,603 (1,603) (4,632) 100.00% 59.15%
June Aug 1,217 1,812 (1,812) (6,444) 100.00% 66.83%
July Sept 1,473 1,793 (1,793) (8,237) 100.00% 72.03%
Aug Oct 1,118 1,656 (1,656) (9,893) 100.00% 75.57%
Sept Nov 1,110 1,682 (1,682) (11,575) 100.00% 78.35%
Oct Dec 1,032 1,556 (1,556) (13,131) 100.00% 80.41%
Nov Jan11 1,140 1,631 (1,631) (14,762) 100.00% 82.19%
Dec Feb11 1,690 2,270 (2,270) (17,032) 100.00% 84.19%
Totals 14,422 20,231 3,199
Mitigation Received 312
3,511 75.51% of Budget Incl. Mitigation
Jim Haggerton, Mayor
Sales tax collections showed the first increase in eighteen months in March compared to the
same period in the prior year. For March, collections were Tess than budget and slightly more
than the same month in the prior year. Actual receipts for March were $548,000 less than
budget, and $11,000 greater than the same period last year. We are down 32.14% for the
month compared to budget, and up by 1.00% compared to the same month last year. We are
now down 31.20% for the year compared to budget, and down by 5.05% compared to the same
period last year.
The chart above also includes the mitigation payment we received at the end of March, which is
actually for the fourth quarter of 2009 but is included in 2010 revenue because it was received
so far after the end of 2009. Including the mitigation payment, we are currently at 75.51% of
budget for the year to date. The mitigation payment we received on March 31s was
$311,653.10. This the same amount as the last mitigation payment received on December 31s
because the payments are now annualized and will only be adjusted once per year in the fall.
Staff completed work on the last mitigation detail file and submitted to the Department of
Revenue a list of firms that should be removed from the mitigation calculation process. These
firms are ones that were offsetting other losses, thereby reducing our mitigation payment.
INFORMATIONAL MEMO
Page 2
Schedule II shows the year -to -date sales tax from the top ten industry classifications. As this
schedule indicates, the trend is flat or down for most of the classifications.
Schedule II
Group Name
452* General Merchandise Stores
448* Clothing and Accessories
722* Food Services, Drinking Places
423* Wholesale Trade, Durable Goods
443* Electronics and Appliances
441* Motor Vehicle and Parts Dealer
451* Sporting Goods, Hobby, Books
444* Building Material and Garden
453* Miscellaneous Store Retailers
721* Accommodation
Mitigated NAICS Code
Schedule III
YTD
Group Name Current
236 Construction of Buildings 76,947
336 Transportation Equipment Man 23,693
238 Specialty Trade Contractors 66,514
561 Administrative and Support Svc 24,309
424* Wholesale Trade, Nondurable 23,556
441* Motor Vehicle and Parts Dealer 150,236
323* Printing and Related Support 12,685
453* Miscellaneous Store Retailers 109,857
541 Professional, Scientific, Tech 43,723
721* Accommodation 101,035
Mitigated NAICS Code
YTD YTD Dollar
Current Prior Diff. Diff.
437,400 434,202 3,198 0.74%
420,095 410,926 9,168 2.23%
329,288 312,054 17,234 5.52%
298,119 296,753 1,365 0.46%
220,941 244,252 (23,311) -9.54%
150,236 202,359 (52,123) 25.76%
136,928 127,123 9,805 7.71%
110,161 104,959 5,202 4.96%
109,857 139,975 (30,117) 21.52%
101,035 114,355 (13,319) 11.65%
As you can see there are large variances from last year for the same time period. For instance,
sales tax for Motor Vehicle and Parts Dealer is down by 25.76 and Miscellaneous Store
Retailers is down by 21.52 As you can see from Schedule 11, four of the top ten merchant
categories have declined versus prior year, and all of the ten industry classification codes are
ones for which we receive streamlined sales tax mitigation. It should be noted that for March,
this was the first month in over a year- and -a -half that the majority of the largest industry
classifications had gains for the year compared to the same period in the prior year.
Schedule III shows the ten largest declines in sales tax revenue for industries with over $10,000
collected year -to -date.
Attached is a Sales Tax Summary comparing year -to -date 2010 vs. 2009 by major NAICS
codes. Also included is a comparison of total receipts year -to -date for the last five years.
Please let me know if you have any comments or questions. Thank you.
W:1FIN Projects\Sales Tax Information\Sales Tax Files from Shawn120101Info Memo Sales Tax 052510.docx
YTD Dollar
Prior Diff. Diff.
166,100 (89,152) 53.67%
40,195 (16,503) 41.06%
110,709 (44,195) 39.92%
37,862 (13,553) 35.79%
32,006 (8,450) 26.40%
202,359 (52,123) 25.76%
16,280 (3,595) 22.08%
139,975 (30,117) 21.52%
50,841 (7,117) 14.00%
114,355 (13,319) 11.65%
SALES TAX SUMMARY
MARCH 2010
2010
2009
L
a 2008
2007
2006
Five Year Comparison
$1,000,000 $2,000,000 $3,000,000 $4,000,000
Taxes Collected Year to Date
$5,000,000