HomeMy WebLinkAbout2023_07 SALES TAX REPORT GENERAL
$21.4M
Sales tax revenue collected through
July 2023
1.8%
Overall increase in sales tax over
same period prior year
27%
Represents Services, the highest
sales tax industry YTD
Highlights:
July month‐to‐date sales tax revenue (for May 2023 activity*) is $3.1 million, 11.3% above July month‐to‐date
budget.
July 2023 sales tax revenue is $98K higher than July 2022, primarily driven by the increase from the
Construction sector.
Industries with largest increase through the same period prior year:
o Construction of Buildings: $900K
o Food Service & Drinking Places: $432K
o Misc Retail Trade: $232K
Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(709)K
o Non Store Retailers: $(476)K
o Publishing Industries: $(292)K
CITY OF RENTON
SALES TAX SUMMARY
July 2023
*state remits to city on 2‐month lag
$%$ %
General Retail 5,475 5,788 5,559 5,482 76 1.4% (229) ‐4.0%
Construction 2,098 2,178 3,193 2,417 776 32.1% 1,015 46.6%
Services 4,448 5,275 5,716 4,678 1,038 22.2% 441 8.4%
Automotive/Gas 3,825 4,355 3,657 3,679 (22) ‐0.6% (698) ‐16.0%
Manufacturing 865 1,337 1,384 1,177 206 17.5% 47 3.5%
Wholesale 865 1,428 1,223 1,100 123 11.2% (205) ‐14.3%
Miscellaneous 550 641 648 514 133 25.9% 6 1.0%
Total Retail Sales Tax 18,124$ 21,002$ 21,379$ 19,048$ 2,331$ 12.2% 377$ 1.8%
Sales Tax ‐ Budget to Actual Comparison
YTD thru July
in thousands
2021
YTD
2022
YTD
2023
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2023
YTD