HomeMy WebLinkAbout2023_10 SALES TAX REPORT GENERAL
$31.4M
Sales tax revenue collected through October
2023
1.6%
Overall increase in sales tax over same
period prior year
26%
Represents General Retail & Services, the
two highest sales tax industries YTD
Highlights:
October month‐to‐date sales tax revenue (for August 2023 activity*) is $3.5 million, 18.3% above October
month‐to‐date budget.
October YTD 2023 sales tax revenue is $503K higher than October YTD 2022.
Industries with largest increase through the same period prior year:
o Construction of Buildings: $1.1M
o Food Service & Drinking Places: $515K
o Special Trade Contractor: $220K
Industries with largest decrease through same period prior year:
o Non Store Retailers: $(799)K
o Motor Vehicle & Parts Dealers: $(734)K
o Publishing Industries: $(412)K
CITY OF RENTON
SALES TAX SUMMARY
October 2023
*state remits to city on 2‐month lag
$%$ %
General Retail 7,924 8,673 8,064 8,094 (30) ‐0.4% (609) ‐7.0%
Construction 3,233 3,573 5,038 3,617 1,421 39.3% 1,465 41.0%
Services 6,531 7,783 8,304 6,966 1,339 19.2% 521 6.7%
Automotive/Gas 5,655 6,094 5,372 5,373 (1) 0.0% (722) ‐11.8%
Manufacturing 1,307 1,820 1,971 1,658 313 18.9% 151 8.3%
Wholesale 1,374 2,079 1,767 1,673 94 5.6% (313) ‐15.0%
Miscellaneous 840 920 930 762 169 22.1% 10 1.1%
Total Retail Sales Tax 26,863$ 30,943$ 31,446$ 28,143$ 3,304$ 11.7% 503$ 1.6%
Sales Tax ‐ Budget to Actual Comparison
YTD thru October
in thousands
2021
YTD
2022
YTD
2023
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2023
YTD