HomeMy WebLinkAbout2023_09 SALES TAX REPORT GENERAL
$27.9M
Sales tax revenue collected through
July 2023
2.1%
Overall increase in sales tax over same
period prior year
27%
Represents Services, the highest sales
tax industry YTD
Highlights:
• September month-to-date sales tax revenue (for July 2023 activity*) is $3.2 million, 6.2% above September
month-to-date budget.
• September 2023 sales tax revenue is $76K higher than September 2022, primarily driven by the increase from
the Construction and General Retail sectors.
• Industries with largest increase through the same period prior year:
o Construction of Buildings: $1.2M
o Food Service & Drinking Places: $522K
o Special Trade Contractor: $186K
• Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(775)K
o Non Store Retailers: $(475)K
o Publishing Industries: $(351)K
CITY OF RENTON
SALES TAX SUMMARY
September 2023
*state remits to city on 2-month lag
$%$%
General Retail 7,163 7,570 7,209 7,230 (21) -0.3%(361) -4.8%
Construction 2,850 2,924 4,293 3,188 1,105 34.7%1,369 46.8%
Services 5,840 6,949 7,465 6,252 1,213 19.4%515 7.4%
Automotive/Gas 5,065 5,548 4,785 4,820 (35) -0.7%(763) -13.8%
Manufacturing 1,138 1,647 1,767 1,501 266 17.7%120 7.3%
Wholesale 1,247 1,929 1,595 1,519 76 5.0%(334) -17.3%
Miscellaneous 756 810 834 674 160 23.7%24 3.0%
Total Retail Sales Tax 24,059$ 27,377$ 27,947$ 25,185$ 2,763$ 11.0%571$ 2.1%
Sales Tax - Budget to Actual Comparison
YTD thru September
in thousands
2021
YTD
2022
YTD
2023
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2023
YTD