HomeMy WebLinkAbout2023_12 SALES TAX REPORT GENERAL
$38.1M
Sales tax revenue collected through
December 2023
1.6%
Overall increase in sales tax over same
period prior year
26%
Represents Services, the highest sales
tax industry YTD
Highlights:
• December month-to-date sales tax revenue (for October 2023 activity*) is $3.3 million, 6.9% above December
month-to-date budget.
• December YTD 2023 sales tax revenue is $591K higher than December YTD 2022.
• Industries with largest increase through the same period prior year:
o Construction of Buildings: $1.4M
o Food Service & Drinking Places: $529K
o Transportation Equipment: $339K
• Industries with largest decrease through same period prior year:
o Motor Vehicle & Parts Dealers: $(1.0)M
o Non Store Retailers: $(799)K
o Publishing Industries: $(542)K
$%$%
General Retail 9,442 10,317 9,729 10,400 (671) -6.5%(587) -5.7%
Construction 3,948 4,449 6,336 4,720 1,616 34.2%1,887 42.4%
Services 7,990 9,673 9,932 9,140 792 8.7%260 2.7%
Automotive/Gas 6,848 7,435 6,446 6,989 (544) -7.8%(990) -13.3%
Manufacturing 1,667 2,013 2,362 2,093 270 12.9%349 17.4%
Wholesale 1,752 2,506 2,173 2,173 (0) 0.0%(333) -13.3%
Miscellaneous 1,012 1,122 1,128 997 131 13.2%6 0.5%
Total Retail Sales Tax 32,660$ 37,515$ 38,107$ 36,513$ 1,594$ 4.4%592$ 1.6%
Sales Tax - Budget to Actual Comparison
YTD thru December
in thousands
2021
YTD
2022
YTD
2023
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2023
YTD
CITY OF RENTON
SALES TAX SUMMARY
December 2023
*state remits to city on 2-month lag