HomeMy WebLinkAbout2023_06 SALES TAX REPORT GENERAL
$18.2M
Sales tax revenue collected
through June 2023
1.6%
Overall increase in sales
tax over same period prior
year
27%
Represents Services, the
highest sales tax industry
YTD
Highlights:
June month‐to‐date sales tax revenue (for April 2023 activity*) is $3.0 million, 14.7% above June month‐to‐date
budget.
June 2023 sales tax revenue is $(185)K lower than June 2022, primarily driven by the decrease from the
Automotive sector.
Industries with largest increase through the same period prior year:
o Construction of Buildings: $683K
o Food Service & Drinking Places: $385K
o Misc Retail Trade: $363K
Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(622)K
o Non Store Retailers: $(477)K
o Wholesale Durable Goods: $(187)K
CITY OF RENTON
SALES TAX SUMMARY
June 2023
*state remits to city on 2‐month lag
$%$ %
General Retail 4,578 4,933 4,756 4,669 88 1.9% (177) ‐3.6%
Construction 1,697 1,848 2,616 2,053 563 27.4% 769 41.6%
Services 3,791 4,485 4,954 4,001 953 23.8% 469 10.5%
Automotive/Gas 3,216 3,714 3,098 3,107 (9) ‐0.3% (616) ‐16.6%
Manufacturing 767 1,196 1,223 1,016 207 20.3% 27 2.2%
Wholesale 794 1,234 1,040 944 96 10.2% (195) ‐15.8%
Miscellaneous 471 553 555 440 115 26.1% 2 0.3%
Total Retail Sales Tax 15,314$ 17,964$ 18,243$ 16,230$ 2,012$ 12.4% 279$ 1.6%
Sales Tax ‐ Budget to Actual Comparison
YTD thru June
in thousands
2021
YTD
2022
YTD
2023
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2023
YTD