HomeMy WebLinkAbout2023_05 SALES TAX REPORT GENERAL
$15.3M
Sales tax revenue collected
through May 2023
3.1%
Overall increase in sales tax
over same period prior year
27%
Represents Services, the
highest sales tax industry YTD
Highlights:
May month‐to‐date sales tax revenue (for March 2023 activity*) is $3.0 million, 12% above May month‐to‐date
budget.
May 2022 sales tax revenue is $(218)K lower than May 2022, primarily driven by the decrease from the
Automotive sector.
Industries with largest increase through the same period prior year:
o Construction of Buildings: $503K
o Food Service & Drinking Places: $343K
o Misc Retail Trade: $311K
Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(584)K
o Non Store Retailers: $(199)K
o Wholesale Durable Goods: $(91)K
$%$ %
General Retail 3,828 3,958 4,032 3,899 133 3.4% 74 1.9%
Construction 1,435 1,530 2,086 1,740 347 19.9% 556 36.4%
Services 3,155 3,681 4,180 3,380 800 23.7% 499 13.6%
Automotive/Gas 2,663 3,152 2,574 2,589 (15) ‐0.6% (578) ‐18.4%
Manufacturing 652 1,056 1,032 889 142 16.0% (24) ‐2.2%
Wholesale 665 986 889 773 116 15.1% (96) ‐9.8%
Miscellaneous 380 433 466 358 107 30.0% 33 7.6%
Total Retail Sales Tax 12,777$ 14,796$ 15,260$ 13,629$ 1,631$ 12.0% 464$ 3.1%
Sales Tax ‐ Budget to Actual Comparison
YTD thru May
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
May 2023
*state remits to city on 2‐month lag
Miscellaneous
3%
Wholesale
6%
Manufacturing
7%Construction
14%
Automotive/Gas
17%
General Retail
26%
Services
27%
Sales Tax Revenue by Industry
2023 YTD thru May