HomeMy WebLinkAbout2024_08 SALES TAX REPORT GENERAL
$25.3M
Sales tax revenue collected through August
2024
2.2%
Overall increase in sales tax over same
period prior year
27%
Represents Services, the highest sales tax
industry YTD
Highlights:
• August month-to-date sales tax revenue (for June 2024 activity*) is $3.5 million, 12.9% above August month-to-
date budget.
• August 2024 sales tax revenue is $138K higher than August 2023, primarily driven by miscellaneous sector.
• Industries with largest increase through the same period prior year:
o Transportation: $329K
o Heavy and Civil Construction: $288K
o Wholesale Durable Goods: $183K
• Industries with largest decrease through same period prior year:
o Construction of Buildings: $(429)K
o Hospitals: $(176)K
o Misc Retail Trade: $(146)K
$%$%
General Retail 6,707 6,393 6,378 6,252 126 2.0%(15) -0.2%
Construction 2,525 3,760 3,561 2,787 774 27.8%(199) -5.3%
Services 6,122 6,633 6,830 5,616 1,214 21.6%196 3.0%
Automotive/Gas 4,983 4,206 4,248 4,193 54 1.3%42 1.0%
Manufacturing 1,511 1,594 1,631 1,345 286 21.3%37 2.3%
Wholesale 1,674 1,421 1,544 1,319 225 17.0%123 8.7%
Miscellaneous 733 742 1,096 621 475 76.4%354 47.8%
Total Retail Sales Tax 24,255$ 24,749$ 25,288$ 22,135$ 3,153$ 14.2%539$ 2.2%
Sales Tax - Budget to Actual Comparison
YTD thru August
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD
CITY OF RENTON
SALES TAX SUMMARY
August 2024
*state remits to city on 2-month lag