HomeMy WebLinkAbout2024_03 SALES TAX REPORT GENERAL
$9.7M
Sales tax revenue collected through March
2024
2.9%
Overall increase in sales tax over same period
prior year
26%
Represents General Retail and Services, the
two highest sales tax industries YTD
Highlights:
• March month-to-date sales tax revenue (for January 2024 activity*) is $3.0 million, 18.8% above February
month-to-date budget.
• March 2024 sales tax revenue is $198K higher than March 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: $324K
o Wholesale Durable Goods: $106K
o Heavy and Civil Construction $94K
• Industries with largest decrease through same period prior year:
o Hospitals: $(155)K
o Misc Retail Trade: $(136)K
o Banking: $(29)K
CITY OF RENTON
SALES TAX SUMMARY
March 2024
*state remits to city on 2-month lag
$%$%
General Retail 2,586 2,587 2,499 2,457 43 1.7%(87) -3.4%
Construction 899 1,288 1,391 1,028 362 35.3%103 8.0%
Services 2,211 2,578 2,520 2,152 369 17.1%(58) -2.2%
Automotive/Gas 1,717 1,545 1,523 1,532 (9) -0.6%(22) -1.4%
Manufacturing 580 641 616 548 68 12.5%(25) -3.8%
Wholesale 585 472 556 447 109 24.4%84 17.7%
Miscellaneous 256 288 565 229 336 147.0%277 96.0%
Total Retail Sales Tax 8,834$ 9,398$ 9,670$ 8,392$ 1,278$ 15.2%272$ 2.9%
Sales Tax - Budget to Actual Comparison
YTD thru March 2024
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD