HomeMy WebLinkAboutFS 2010-07-07 Item 2D - Report - April 2010 Sales Tax Revenue ReportTO:
Mitigation Received
City of Tukwila
INFORMATIONAL MEMORANDUM
Mayor Haggerton
Finance and Safety Committee
FROM: Shawn Hunstock, Finance Director
DATE: June 22, 2010
SUBJECT: Sales Tax Revenue for April 2010
Schedule I
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 1,070 (508) (1,959) 32.19% -31 45%
May July 1,082 1,603 (1,603) (3,562) -100 00% 45.49%
June Aug 1,217 1,812 (1,812) (5,374) -100 00% 55.73%
July Sept 1,473 1,793 (1,793) (7,167) 100.00% 62.67%
Aug Oct 1,118 1,656 (1,656) (8,823) -100 00% -67 39%
Sept Nov 1,110 1,682 (1,682) (10,505) -100 00% 71.10%
Oct Dec 1,032 1,556 (1,556) (12,061) -100 00% 73.86%
Nov Jan11 1,140 1,631 (1,631) (13,692) -100 00% 76.23%
Dec Feb11 1,690 2,270 (2,270) (15,962) 100.00% 78.90%
Totals 14,422 20,231 4,269
623
4,892 78 55% of Budget Incl. Mitigation
Jim Haggerton, Mayor
in 1,000's
Sales tax collections for April showed the third decrease this year through four months of
collections. For April, collections were less than both budget and the same month in the prior
year. Actual receipts for April were $508,000 less than budget, and $121,000 less than the
same period last year. We are down 32.19% for the month compared to budget, and down by
10.16% compared to the same month last year. We are now down 31.45% for the year
compared to budget, and down by 6.38% compared to the same period last year.
The chart above also includes the mitigation payment we received at the end of June. Including
the mitigation payments, we are currently at 78.55% of budget for the year to date. The latest
mitigation payment we received was on June 30, 2010 and was for $311,098.16. This was the
same amount as the last mitigation payment received on March 31 because the payments are
now annualized and will only be adjusted once per year in the fall. The next mitigation payment
will be received on September 30` 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.
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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
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 20.26 and Miscellaneous Store
Retailers is down by 19.19 As you can see from Schedule II, seven 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.
Schedule III shows the ten largest declines in sales tax revenue for industries with over $10,000
collected year -to -date.
Schedule I11
YTD
Group Name Current
238 Specialty Trade Contractors 70,276
236 Construction of Buildings 122,159
561 Administrative and Support Svc 31,951
621 Ambulatory Health Care Service 14,274
323* Printing and Related Support 15,828
541 Professional, Scientific, Tech 50,584
441* Motor Vehicle and Parts Dealer 204,899
453* Miscellaneous Store Retailers 144,118
424* Wholesale Trade, Nondurable 31,342
336 Transportation Equipment Man 42,482
Mitigated NAICS Code
YTD YTD Dollar
Current Prior Diff. Diff.
573,469 575,818 (2,348) -0.41%
558,164 569,121 (10,958) 1.93%
436,752 414,538 22,214 5.36%
414,341 468,320 (53,979) 11.53%
285,390 306,935 (21,545) -7.02%
204,899 256,954 (52, 054) 20.26%
185,531 170,380 15,151 8.89%
156,488 153,666 2,822 1.84%
144,118 178,342 (34,223) 19.19%
137,459 150,460 (13,001) -8 64%
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 \FIN Projects\Sales Tax Information\Sales Tax Files from Shawn1201011nfo Memo Sales Tax 062210.docx
YTD Dollar
Prior Diff. Diff.
149,108 (78,832) 52.87%
193,667 (71,508) 36.92%
48,564 (16,613) 34.21%
20,032 (5,758) 28.74%
21,324 (5,496) -25 77%
63,752 (13,168) 20.65%
256,954 (52,054) 20.26%
178,342 (34,223) 19.19%
38,737 (7,395) 19.09%
50,906 (8,423) 16.55%
SALES TAX SUMMARY
APRIL 2010
50
Five Year Comparison
$2,000,000
$4,000,000
Taxes Collected Year to Date
$6,000,000