HomeMy WebLinkAbout2023_08 SALES TAX REPORT GENERAL
$24.7M
Sales tax revenue collected through
July 2023
2%
Overall increase in sales tax over
same period prior year
27%
Represents Services, the highest sales
tax industry YTD
Highlights:
August month‐to‐date sales tax revenue (for June 2023 activity*) is $3.4 million, 7.8% above August month‐to‐
date budget.
August 2023 sales tax revenue is $118K higher than August 2022, primarily driven by the increase from the
Construction sector.
Industries with largest increase through the same period prior year:
o Construction of Buildings: $1.1M
o Food Service & Drinking Places: $486K
o Professional, Scientific, Tech: $184K
Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(790)K
o Non Store Retailers: $(476)K
o Publishing Industries: $(339)K
CITY OF RENTON
SALES TAX SUMMARY
August 2023
*state remits to city on 2‐month lag
$%$ %
General Retail 6,336 6,707 6,393 6,373 20 0.3% (313) ‐4.7%
Construction 2,454 2,525 3,760 2,795 964 34.5% 1,234 48.9%
Services 5,151 6,122 6,633 5,492 1,141 20.8% 511 8.4%
Automotive/Gas 4,489 4,983 4,206 4,274 (68) ‐1.6% (777) ‐15.6%
Manufacturing 1,013 1,511 1,594 1,338 256 19.2% 84 5.5%
Wholesale 1,002 1,674 1,421 1,307 114 8.7% (252) ‐15.1%
Miscellaneous 653 733 742 595 146 24.6% 9 1.2%
Total Retail Sales Tax 21,098$ 24,255$ 24,749$ 22,174$ 2,575$ 11.6% 495$ 2.0%
Sales Tax ‐ Budget to Actual Comparison
YTD thru August
in thousands
2021
YTD
2022
YTD
2023
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2023
YTD