HomeMy WebLinkAbout2023 02 SALES TAX REPORT GENERAL
$6.6M
Sales tax revenue collected through
February 2023
6.2%
Overall increase in sales tax over same
period prior year
28%
Represents General Retail and Services, the
highest sales tax industries YTD
Highlights:
February month‐to‐date sales tax revenue (for December 2022 activity*) is $3.6 million, 10.9% above February
month‐to‐date budget.
February 2022 sales tax revenue is $255K higher than February 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: $182K
o Food Service & Drinking Places: $130K
o Misc Retail Trade: $125K
Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(127)K
o Non Store Retailers: $(92)K
o Wholesale Durable Goods: $(51)K
$%$ %
General Retail 1,714 1,925 1,901 1,813 88 4.9% (24) ‐1.3%
Construction 512 659 876 750 126 16.8% 217 33.0%
Services 1,261 1,451 1,822 1,427 395 27.7% 372 25.6%
Automotive/Gas 1,058 1,162 1,037 1,084 (47) ‐4.3% (125) ‐10.7%
Manufacturing 315 520 501 407 94 23.2% (19) ‐3.7%
Wholesale 240 352 315 298 17 5.6% (38) ‐10.8%
Miscellaneous 149 186 191 149 42 28.5% 6 3.1%
Total Retail Sales Tax 5,248$ 6,254$ 6,643$ 5,927$ 716$ 12.1% 389$ 6.2%
Sales Tax ‐ Budget to Actual Comparison
YTD thru February
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
February 2023
*state remits to city on 2‐month lag