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Home My WebLink About2024-10_OCT_JeffCo.Treasurer_LTAX+GenTaxRevRprtsJEFFERSON COUNTY TREASURER PO Box 571, Port Townsend WA 98368 Email: TreasurerStaff@co.jefferson.wa.us Web: www.co.jefferson.wa.us Stacie Prada – Treasurer (360) 385-9150 Chief Deputy Thomas Goodworth (360) 385-9153 Page | 1 JEFFERSON COUNTY BUDGET COMMITTEE Treasurer’s October 2024 Revenue Report •General Fund at $24,745,745 – 90.9% of the annual budget. The second sheet shows general fund revenue charts showing 2015-2024 detail and percentage of actual full year collections. Third quarter appropriations increased budgeted revenue by $86,534. •Other Funds at $ 50,512,553 – 65.8% of annual budget. Funds are grouped at the top by fund type, and YTD percentages are provided. The graph on the second page shows the full year and YTD percentage lines. Third quarter appropriations increased budgeted revenue by almost $2.5 million. •General Fund Cash Balance - $10,784,333 at month end and with reserve of $4,581,894. The non-reserve cash balance was $6,202,439. With third quarter appropriations, the budgeted general fund expenditures increased $676,467. This translates to the reserve increasing by $101,470. •General Sales Tax Receipts – at $6,032,529 – 103.1% of annual budget. $748,723 General and Optional and Special Purpose Sales Tax for the month. Cumulatively year to date, this is 3% over budget and 8% over 2023 actual. Early end of year projection is $222,000 over budget. That said, only half of the months were approximately 6-20% higher than last year. The other five months came in under budget. I would estimate year end to range from a low of $128,000 over budget to a high of $376,000 over budget. Construction has been a big driver for increased sales tax revenue. Consider large construction projects in the county: General Fund receives 1% of taxable amount Regular and Optional and 60% of Special Purpose 0.3%. This translates to 1.18% of taxable amount for projects in county. o Sewer Project, WSDOT fish passage and highways, PUD Broadband. Each $1 million spent brings $11,800 to the county GF. o Hospital project in City: Each $1 million spent brings $3,300 to the county GF. •Sales Tax by Sector: Positive percentages are increases over last year to date, negative are decreases. Color shading is white for zero, green for positive and red for negative. •REET Receipts - Fund 302 – at $2,250,125 – 129% of annual budget. $599,560 for the month which is 180% over budget for the month and 257% more than this month last year. Year to date, we’re 52% over budget. While the math puts the EOY projection at $919,818 over budget, the amount over budget will be $711,000 over budget, if November and December are similar to 2023 revenue. The projection is skewed by the June $680k windfall from the REETA audit of a transaction in May 2020 and a $96 million sale of forest land in October that accounts for $480,000 of the 1 OF 12 Page | 2 revenue. These two sales this year account for half of the county local REET revenue for the year. We had no other sales over $1 million this month. • Hotel/Motel Lodging Tax – Fund 125 – at $625,649 – 72.5% of the annual budget. $103,725 this month which is 30.5% over budget and 0.4% less than this month last year. Cumulatively, YTD is 5.1% over budget and 19% less than last year. End of year projection is currently $37,195 over budget. • DNR Timber Trust 1 – Total of $848,542 receipted by the Treasurer. The General Fund share is $123,581 and 24.7% of what was budgeted for the year. Amounts are distributed by the levy rates for the tax code areas where the timber activity occurs. Amounts are shown for full years 2017-2024 with charts of distributions by levy, by fund/district and by district type. Note the amount to the general fund is 14.5% of the total funds sent to the Treasurer for distribution proportional by levy for the tax code area where the properties exist. 2 OF 12 City of Port Townsend This Year Last Year % Chg This Year Last Year % Chg $ Chg % Tot Chg This Year Last Year % Chg This Year Last Year % Chg $ Chg % Tot Chg 22 Construction 248,016 123,997 100%1,469,526 1,143,334 29%326,192 102%1,792,990 Construction 9,917 8,255 20%112,544 88,154 28%24,390 66%132,909 31, 32, 33 Manufacturing 11,598 12,734 -9%109,273 102,083 7%7,190 2%130,433 Manufacturing 1,169 1,830 -36%9,949 11,664 -15%(1,715)-5%12,526 33 Wholesale Trade 18,183 21,069 -14%226,564 204,807 11%21,757 7%263,309 Wholesale Trade 2,875 3,556 -19%32,478 32,112 1%366 1%38,700 44, 45 Retail Trade 119,436 127,579 -6%1,187,828 1,253,365 -5%(65,537)-20%1,427,590 Retail Trade 19,080 18,769 2%178,413 177,069 1%1,344 4%215,699 48, 49 Transportation & Warehousing 991 937 6%11,047 9,882 12%1,165 0%13,866 Transportation and Warehousing 1,067 925 15%6,469 5,800 12%669 2%7,899 49 Information 11,402 10,506 9%123,778 106,599 16%17,179 5%147,942 Information 1,515 1,288 18%13,207 12,057 10%1,150 3%16,371 51 Finance & Insurance 1,166 1,190 -2%9,627 12,836 -25%(3,209)-1%11,777 Finance and Insurance 116 348 -67%1,597 2,831 -44%(1,234)-3%2,147 52 Real Estate, Rental & Leasing 7,352 8,005 -8%66,226 58,034 14%8,192 3%78,267 Real Estate and Rental and Leasing 347 524 -34%5,212 4,079 28%1,133 3%6,272 53 Professional, Scientific & Technical Services 6,434 8,680 -26%87,319 76,276 14%11,043 3%100,944 Professional, Scientific, and Technical Services 1,033 826 25%13,125 9,574 37%3,551 10%15,182 55 Admin & Support, Waste Mgmt & Remediation Svcs 33,944 32,061 6%312,058 286,137 9%25,921 8%371,042 Admin & Support, Waste Mgmt & Remediation Sv 1,853 2,034 -9%21,488 20,545 5%943 3%26,334 56 Educational Services 389 443 -12%4,487 5,012 -10%(525)0%5,551 Educational Services 62 85 -27%610 682 -11%(72)0%810 61 Health Care and Social Assistance 61 21 186%1,527 1,234 24%293 0%1,784 Health Care and Social Assistance 199 784 -75%4,710 6,014 -22%(1,304)-4%5,836 62 Arts, Entertainment & Recreation 3,812 4,204 -9%25,589 23,482 9%2,107 1%30,226 Arts, Entertainment, and Recreation 339 512 -34%4,408 4,081 8%327 1%5,276 71 Accommodation & Food Services 43,743 39,303 11%269,468 302,619 -11%(33,150)-10%332,602 Accommodation and Food Services 10,374 10,831 -4%69,486 67,361 3%2,125 6%84,470 55, 81, 92 Public Administration & Other Services 10,291 9,094 13%82,551 77,824 6%4,727 1%98,541 Public Administration & Other Services 1,854 1,806 3%21,488 17,683 22%3,805 10%25,361 0 Unclassified 20,584 22,378 -8%175,179 168,175 4%7,004 2%208,095 Natural Resources, Utilities & Unclassified 1,105 1,178 -6%7,607 6,227 22%1,380 4%9,623 00 Agriculture, Forestry, Fishing & Hunting 283 324 -13%6,963 5,226 33%1,736 1%8,307 City of Port Townsend Totals 52,905 53,551 -1%502,791 465,933 8%36,858 100%605,415 11 Mining, Quarrying, Oil & Gas Extraction 1,370 2,561 -46%16,884 19,645 -14%(2,761)-1%26,015 Totals for Jefferson County and City of PT added together equal the total sales tax revenue received by Jefferson Co. 21 Utilities 69 1,322 -95%13,971 22,535 -38%(8,564)-3%17,225 NAICS & SIC Identification Tools page https://www.naics.com/search/ Jefferson County, WA Totals 539,123 426,409 26%4,199,865 3,879,104 8%320,761 100%5,066,505 $592,028.07 Calculated General & Optional Sales Tax Revenue to Jefferson County for this period 592,028.17$ Amount from distribution -$0.10 variance -0.000016% Sales Tax Revenue by Sector %$%$ All Sales YTD 8%320,761 8%36,858 RETAIL YTD -5%(65,537) 1%1,344 CONSTRUCTION YTD 29%326,192 28%24,390 ACCOMMODATION & FOOD SERVICES YTD -11%(33,150) 3%2,125 Unincorp Jefferson County City of Port Townsend NAICS CODE Current Period Year to Date Last 12 Months 1600, 1650, 1603, 1604 Jefferson County Jefferson County Year to DateCurrent Period Last 12 Months 1601, 1651 100% -9%-14%-6% 6%9% -2%-8%-26% 6% -12% 186% -9% 11%13% -8%-13%-46%-95% -600% -400% -200% 0% 200% 400% 600% -170,000 -120,000 -70,000 -20,000 30,000 80,000 130,000 Jefferson County Amounts and Percentage Change from last year This Year Last Year % Chg 1600, 1650, 1603, 1604 20% -36%-19% 2%15%18% -67%-34% 25% -9%-27%-75%-34%-4% 3% -600% -400% -200% 0% 200% 400% 600% -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 City of PT Amounts and Percentage Change from last year This Year Last Year % Chg 1601, 1651 Construction Manufacturing Wholesale Trade Retail Trade Transportation and Warehousing InformationFinance and Insurance Real Estate and Rental and Leasing Professional, Scientific, and Technical Services Admin & Support, Waste … Educational Services Health Care and Social Assistance Arts, Entertainment, and Recreation Accommodation and Food Services Public Administration & Other Services Natural Resources, Utilities & Unclassified City of Port Townsend, WA Construction ManufacturingWholesale Trade Retail Trade Transportation & Warehousing InformationFinance & Insurance Real Estate, Rental & Leasing Professional, Scientific & Technical Services Admin & Support, Waste Mgmt & Remediation Svcs Educational Services Health Care and Social Assistance Arts, Entertainment & Recreation Accommodation & Food Services Public Administration & Other Services Unclassified Agriculture, Forestry, Fishing & Hunting Mining, Quarrying, Oil & Gas Extraction Utilities Unincorporated Jefferson County, WA Sales Tax by Sector Distribution in October 2024 9 OF 12 Year Period Month Preliminary Updated 2024 10 October No 10/22/2024 January February March April May June July August September October November December Full Year YTD Special Hotel/Motel Tax 19,082 19,007 16,880 20,610 26,072 31,152 34,334 46,693 51,634 46,163 311,628 311,628 Transient Rental (State Share)19,242 19,173 16,937 20,642 26,130 31,250 34,456 47,599 52,091 46,500 314,021 314,021 2024 Actual 38,325 38,180 33,816 41,252 52,203 62,403 68,790 94,292 103,725 92,663 625,649 625,649 2024 Actual Cumulative Actual YTD 38,325 76,505 110,321 151,572 203,775 266,178 334,968 429,260 532,985 625,649 625,649 625,649 Cumulative Actual YTD 85.1%% collected of Annual Budget Monthly Budget 36,844 43,439 46,567 67,206 48,303 48,370 60,886 78,984 93,892 71,020 85,605 53,883 735,000 595,512 Monthly Budget Cumulative Budget YTD 36,844 80,283 126,850 194,056 242,359 290,729 351,616 430,600 524,493 595,512 681,117 735,000 735,000 595,512 Cumulative Budget YTD Four Year Average 2020-23 37,047 43,679 46,825 67,577 48,569 48,638 61,223 79,421 94,411 71,412 86,078 54,180 739,059 598,801 Four Year Average 2020-23 % Budget Difference 4.0%-12.1%-27.4%-38.6%8.1%29.0%13.0%19.4%10.5%30.5% 5.1%% Budget Difference % Difference Prior Year -0.7%-27.6%-52.5%-71.1%-7.2%3.4%0.2%2.9%5.1%-0.4% -19.2%% Difference Prior Year Cumulative % of Expected 104.0%95.3%87.0%78.1%84.1%91.6%95.3%99.7%101.6%105.1% 105.1%Cumulative % of Expected EOY Projection $764,543 $700,413 $639,225 $574,090 $617,988 $672,931 $700,201 $732,713 $746,902 $772,195 $772,195 EOY Projection Projection +/- EOY Budget 29,543$ (34,587)$ (95,775)$ (160,910)$ (117,012)$ (62,069)$ (34,799)$ (2,287)$ 11,902$ 37,195$ 37,195$ 37,195$ 37,195$ Projection +/- EOY Budget Row Labels January February March April May June July August September October November December Full Year YTD FY Actual/ CY Budget YTD Change Annual % Change 2012 11,997 23,143 7,223 14,905 17,099 17,873 20,148 31,118 40,826 40,960 36,847 11,051 273,190 225,292 273,190 2013 8,781 38,213 11,203 11,365 17,962 16,439 21,478 33,106 39,854 41,706 39,128 15,477 294,712 240,108 294,712 6.58%7.88% 2014 13,531 30,316 12,683 12,399 19,122 18,759 24,511 37,504 42,319 43,628 46,846 33,825 335,445 254,774 335,445 6.11%13.82% 2015 17,011 36,087 14,296 14,983 23,824 25,022 27,654 48,797 44,665 49,122 49,494 25,149 376,104 301,461 376,104 18.32%12.12% 2016 18,367 50,911 14,394 18,349 29,299 29,334 33,479 56,189 53,335 59,800 57,838 25,904 447,197 363,455 447,197 20.56%18.90% 2017 19,178 52,820 16,661 20,634 37,947 31,162 38,074 64,460 56,182 58,058 68,607 32,423 496,206 395,175 496,206 8.73%10.96% 2018 22,595 45,060 18,800 23,064 40,397 35,892 43,755 64,218 45,772 52,653 49,196 41,523 482,924 392,205 482,924 -0.75%-2.68% 2019 28,818 40,024 24,277 21,725 40,545 42,350 47,890 69,625 87,496 59,893 64,164 41,781 568,587 462,643 568,587 17.96%17.74% 2020 31,209 33,264 28,921 28,566 11,197 534 22,715 41,591 75,131 78,437 75,232 54,416 481,213 351,566 481,213 -24.01%-15.37% 2021 38,926 45,230 46,407 43,406 65,962 69,433 70,727 85,104 90,608 67,898 102,437 53,063 779,201 623,701 779,201 77.41%61.92% 2022 39,469 43,485 40,798 55,440 60,887 64,214 82,763 99,377 113,178 46,239 87,443 59,924 793,215 645,849 793,215 3.55%1.80% 2023 38,585 52,738 71,172 142,897 56,232 60,370 68,684 91,609 98,727 93,073 79,199 49,318 902,606 774,089 940,745 19.86%13.79% 2024 38,325 38,180 33,816 41,252 52,203 62,403 68,790 94,292 103,725 92,663 625,649 625,649 735,000 -19.18%-30.68% 2% Basic RCW 67.28.180 2% Special RCW 67.28.181(1).11% Total sales tax paid on a lodging charges for periods of less than 30 consecutive days Revenue reflects 2% "basic" as a credit against 6.5% state sales tax, 2% "special" tax levied locally, interest on amounts held at DOR until disbursement, and 1% Admin fee from DOR. Only received for Unincorporated Jefferson County Revenue is reported one month after reporting to DOR. It typically reflects collections for activity from two months prior to distribution. Some businesses may report quarterly or annually. 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Special Hotel/Motel & Transient Rental Sales Tax -Fund 125 December November October September August July June May April March February January 2024 - 20,000 40,000 60,000 80,000 100,000 120,000 2024 Monthly Actual and Budget 2024 Actual Monthly Budget (300,000) (200,000) (100,000) - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 2024 YTD Actual and Budget Cumulative Actual YTD Cumulative Budget YTD Projection +/- EOY Budget October 11 OF 12