HomeMy WebLinkAbout2024_05 SALES TAX REPORT GENERAL
$15.7M
Sales tax revenue collected through
May 2024
3%
Overall increase in sales tax over
same period prior year
27%
Represents General Retail, the
highest sales tax industry YTD
Highlights:
• May month-to-date sales tax revenue (for March 2024 activity*) is $3.1 million, 10.8% above May month-to-
date budget.
• May 2024 sales tax revenue is $54K higher than May 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: $330K
o Heavy and Civil Construction: $181K
o Retail Bldg Materials & Garden Cntrs: $81K
• Industries with largest decrease through same period prior year:
o Hospitals: $(172)K
o Misc Retail Trade: $(138)K
o Construction of Buildings: $(56)K
CITY OF RENTON
SALES TAX SUMMARY
May 2024
*state remits to city on 2-month lag
$%$%
General Retail 3,958 4,032 3,987 3,830 157 4.1%(45) -1.1%
Construction 1,530 2,086 2,248 1,676 572 34.1%161 7.7%
Services 3,681 4,180 4,166 3,464 702 20.3%(14) -0.3%
Automotive/Gas 3,152 2,574 2,655 2,538 117 4.6%81 3.2%
Manufacturing 1,056 1,032 981 889 92 10.3%(51) -4.9%
Wholesale 986 889 916 796 120 15.0%26 3.0%
Miscellaneous 433 466 762 375 387 103.2%296 63.6%
Total Retail Sales Tax 14,796$ 15,260$ 15,714$ 13,568$ 2,146$ 15.8%455$ 3.0%
Sales Tax - Budget to Actual Comparison
YTD thru May
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD