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HomeMy WebLinkAbout2025_02 SALES TAX REPORT GENERAL $6.4M Sales tax revenue collected through February 2025 -4.9% Overall decrease in sales tax over same period prior year 27% Represents Services and General Retail, the two highest sales tax industries YTD Highlights: • February month-to-date sales tax revenue (for December 2024 activity*) is $3.4 million, 0.1% below February month-to-date budget. • February 2025 sales tax revenue is $277K less than February 2024, primarily driven by the decrease in the construction and miscellaneous sectors. • Industries with largest increase through the same period prior year: o Wholesale Durable Goods: $162K o Motor Vehicle & Parts Dealers: $59K o Government: $51K • Industries with largest decrease through same period prior year: o Transportation: $(309)K o Construction of Buildings: $(177)K o Special Trade Contractor: $(54)K CITY OF RENTON SALES TAX SUMMARY February 2025 *state remits to city on 2-month lag $ %$% General Retail 1,901 1,760 1,716 1,892 (176) -9.3% (44) -2.5% Construction 876 1,028 759 780 (21) -2.7% (269) -26.2% Services 1,822 1,725 1,751 1,556 195 12.5% 26 1.5% Automotive/Gas 1,037 1,030 1,092 1,108 (16) -1.4% 62 6.0% Manufacturing 501 401 371 411 (40) -9.7% (29) -7.3% Wholesale 315 291 452 302 150 49.5% 161 55.5% Miscellaneous 191 482 247 198 48 24.4% (236) -48.9% Total Retail Sales Tax 6,643$ 6,717$ 6,388$ 6,248$ 140$ 2.2% (329)$ -4.9% Sales Tax - Budget to Actual Comparison YTD thru February in thousands 2023 YTD 2024 YTD 2025 YTD Budget Over/(Under) YTD Budget Increase/(Decrease) from Prior Yr2025 YTD