HomeMy WebLinkAbout2023 03 SALES TAX REPORT GENERAL
$9.4M
Sales tax revenue collected
through March 2023
6.4%
Overall increase in sales tax
over same period prior year
28%
Represents General Retail, the
highest sales tax industries YTD
Highlights:
March month‐to‐date sales tax revenue (for January 2023 activity*) is $2.8 million, 10.3% above March month‐
to‐date budget.
March 2022 sales tax revenue is $175K higher than March 2022, primarily driven by increases from General
Retail and Services sectors.
Industries with largest increase through the same period prior year:
o Construction of Buildings: $324K
o Food Service & Drinking Places: $199K
o Misc Retail Trade: $180K
Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(175)K
o Non Store Retailers: $(135)K
o Wholesale Durable Goods: $(130)K
$%$ %
General Retail 2,429 2,586 2,587 2,501 85 3.4% 1 0.0%
Construction 764 899 1,288 1,047 241 23.0% 388 43.2%
Services 1,915 2,211 2,578 2,098 481 22.9% 367 16.6%
Automotive/Gas 1,507 1,717 1,545 1,568 (23) ‐1.5% (172) ‐10.0%
Manufacturing 431 580 641 547 94 17.2% 60 10.4%
Wholesale 360 585 472 449 23 5.2% (113) ‐19.3%
Miscellaneous 230 256 288 216 72 33.3% 32 12.6%
Total Retail Sales Tax 7,635$ 8,834$ 9,398$ 8,425$ 974$ 11.6% 564$ 6.4%
Sales Tax ‐ Budget to Actual Comparison
YTD thru March
in thousands
2021
YTD
2022
YTD
2023
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2023
YTD
CITY OF RENTON
SALES TAX SUMMARY
March 2023
*state remits to city on 2‐month lag
Miscellaneous
3%
Wholesale
5%
Manufacturing
7%
Construction
14%
Automotive/Gas
16%
Services
27%
General Retail
28%
Sales Tax Revenue by Industry
2023 YTD thru March