HomeMy WebLinkAbout2024_04 SALES TAX REPORT GENERAL
$12.6M
Sales tax revenue collected through April
2024
3.3%
Overall increase in sales tax over same
period prior year
26%
Represents General Retail and Services,
the two highest sales tax industries YTD
Highlights:
• April month-to-date sales tax revenue (for February 2024 activity*) is $3.0 million, 23.8% above April month-to-
date budget.
• April 2024 sales tax revenue is $129K higher than April 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: $325K
o Heavy and Civil Construction: $147K
o Retail Bldg Materials & Garden Cntrs: $72K
• Industries with largest decrease through same period prior year:
o Hospitals: $(162)K
o Misc Retail Trade: $(122)K
o Construction of Buildings: $(49)K
CITY OF RENTON
SALES TAX SUMMARY
April 2024
*state remits to city on 2-month lag
$%$%
General Retail 3,233 3,256 3,226 3,086 140 4.5%(30) -0.9%
Construction 1,193 1,675 1,796 1,348 448 33.2%122 7.3%
Services 2,861 3,333 3,296 2,765 532 19.2%(37) -1.1%
Automotive/Gas 2,326 2,033 2,051 1,976 75 3.8%18 0.9%
Manufacturing 857 850 855 725 130 17.9%5 0.6%
Wholesale 740 702 734 585 149 25.5%32 4.5%
Miscellaneous 334 378 668 296 372 125.8%290 76.7%
Total Retail Sales Tax 11,544$ 12,226$ 12,627$ 10,781$ 1,846$ 17.1%400$ 3.3%
Sales Tax - Budget to Actual Comparison
YTD thru April
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD