HomeMy WebLinkAbout2024_01 SALES TAX REPORT GENERAL
$3.0M
Sales tax revenue collected through January
2024
0%
Overall increase in sales tax over same period
prior year
27%
Represents General retail, the highest sales tax
industry YTD
Highlights:
• January month-to-date sales tax revenue (for November 2023 activity*) is $3.0 million, 5.4% above January
month-to-date budget.
• January 2024 sales tax revenue is $0K higher than January 2023, primarily driven by the General Retail and
Services sectors.
• Industries with largest increase through the same period prior year:
o Construction of Buildings: $70K
o Electronics & Appliances: $39K
o Other Information: $32K
• Industries with largest decrease through same period prior year:
o Hospitals: $(74)K
o Misc Retail Trade: $(60)K
o Publishing Industries: $(31)K
CITY OF RENTON
SALES TAX SUMMARY
January 2024
*state remits to city on 2-month lag
$%$%
General Retail 820 833 819 849 (30) -3.5%(13) -1.6%
Construction 275 375 468 337 131 39.0%93 24.7%
Services 662 834 776 716 60 8.3%(59) -7.0%
Automotive/Gas 557 499 494 532 (38) -7.1%(5) -1.1%
Manufacturing 318 223 225 201 24 11.9%2 1.1%
Wholesale 164 142 141 143 (2) -1.3%(1) -0.6%
Miscellaneous 85 109 91 81 10 12.2%(18) -16.7%
Total Retail Sales Tax 2,882$ 3,016$ 3,015$ 2,859$ 155$ 5.4%(1)$ 0.0%
Sales Tax - Budget to Actual Comparison
YTD thru January
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD