HomeMy WebLinkAbout2024_02 SALES TAX REPORT GENERAL
$6.7M
Sales tax revenue collected through
January 2024
1.1%
Overall increase in sales tax over same
period prior year
27%
Represents General retail, the highest
sales tax industry YTD
Highlights:
• February month-to-date sales tax revenue (for December 2023 activity*) is $3.7 million, 14.2% above February
month-to-date budget.
• February 2024 sales tax revenue is $75K higher than February 2023, primarily driven by the increase from the
General Retail and Services sectors.
• Industries with largest increase through the same period prior year:
o Transportation: $321K
o Heavy and Civil Construction: $91K
o Construction of Buildings: $41K
• Industries with largest decrease through same period prior year:
o Misc Retail Trade: $(156)K
o Hospitals: $(153)K
o Transportation Equipment: $(89)K
CITY OF RENTON
SALES TAX SUMMARY
February 2024
*state remits to city on 2-month lag
$%$%
General Retail 1,925 1,901 1,760 1,791 (31) -1.7%(141) -7.4%
Construction 659 876 1,028 735 294 40.0%152 17.4%
Services 1,451 1,822 1,725 1,468 257 17.5%(97) -5.3%
Automotive/Gas 1,162 1,037 1,030 1,052 (22) -2.1%(8) -0.7%
Manufacturing 520 501 401 411 (10) -2.5%(100) -20.0%
Wholesale 352 315 291 292 (2) -0.6%(24) -7.6%
Miscellaneous 186 191 482 157 326 207.7%291 152.0%
Total Retail Sales Tax 6,254$ 6,643$ 6,717$ 5,906$ 811$ 13.7%73$ 1.1%
Sales Tax - Budget to Actual Comparison
YTD thru February
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD