HomeMy WebLinkAbout2024_06 SALES TAX REPORT GENERAL
$18.7M
Sales tax revenue collected
through June 2024
2.2%
Overall increase in sales tax over
same period prior year
27%
Represents Services, the highest
sales tax industry YTD
Highlights:
• June month-to-date sales tax revenue (for April 2024 activity*) is $2.9 million, 10.7% above June month-to-date
budget.
• June 2024 sales tax revenue is ($47K) lower than June 2023, primarily driven by the decrease from the
manufacturing and general retail sectors.
• Industries with largest increase through the same period prior year:
o Transportation: $334K
o Heavy and Civil Construction: $199K
o Wholesale Durable Goods: $134K
• Industries with largest decrease through same period prior year:
o Hospitals: $(180)K
o Construction of Buildings: $(169)K
o Misc Retail Trade: $(150)K
CITY OF RENTON
SALES TAX SUMMARY
June 2024
*state remits to city on 2-month lag
$%$%
General Retail 4,933 4,756 4,740 4,585 155 3.4%(16) -0.3%
Construction 1,848 2,616 2,648 2,010 638 31.7%31 1.2%
Services 4,485 4,954 5,014 4,109 904 22.0%59 1.2%
Automotive/Gas 3,714 3,098 3,158 3,058 100 3.3%60 1.9%
Manufacturing 1,196 1,223 1,084 1,034 50 4.9%(139) -11.4%
Wholesale 1,234 1,040 1,139 966 173 17.9%99 9.5%
Miscellaneous 553 555 869 459 409 89.1%314 56.5%
Total Retail Sales Tax 17,964$ 18,243$ 18,650$ 16,221$ 2,429$ 15.0%408$ 2.2%
Sales Tax - Budget to Actual Comparison
YTD thru June
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD