HomeMy WebLinkAbout2024_07 SALES TAX REPORT GENERAL
$21.8M
Sales tax revenue collected through June
2024
1.9%
Overall increase in sales tax over same period
prior year
27%
Represents Services, the highest sales tax
industry YTD
Highlights:
• July month-to-date sales tax revenue (for May 2024 activity*) is $3.1 million, 11.5% above July month-to-date
budget.
• July 2024 sales tax revenue is ($7K) lower than July 2023, primarily driven by the decrease from the
construction of buildings sub-sector.
• Industries with largest increase through the same period prior year:
o Transportation: $332K
o Heavy and Civil Construction: $253K
o Wholesale Durable Goods: $156K
• Industries with largest decrease through same period prior year:
o Construction of Buildings: $(317)K
o Hospitals: $(175)K
o Misc Retail Trade: $(150)K
CITY OF RENTON
SALES TAX SUMMARY
July 2024
*state remits to city on 2-month lag
$%$%
General Retail 5,788 5,559 5,497 5,383 115 2.1%(62) -1.1%
Construction 2,178 3,193 3,089 2,398 691 28.8%(104) -3.2%
Services 5,275 5,716 5,820 4,792 1,028 21.5%104 1.8%
Automotive/Gas 4,355 3,657 3,674 3,613 61 1.7%17 0.5%
Manufacturing 1,337 1,384 1,382 1,178 204 17.3%(2) -0.1%
Wholesale 1,428 1,223 1,337 1,127 210 18.6%114 9.3%
Miscellaneous 641 648 980 537 443 82.5%332 51.3%
Total Retail Sales Tax 21,002$ 21,379$ 21,780$ 19,028$ 2,752$ 14.5%400$ 1.9%
Sales Tax - Budget to Actual Comparison
YTD thru July
in thousands
2022
YTD
2023
YTD
2024
YTD Budget
Over/(Under)
YTD Budget
Increase/(Decrease)
from Prior Yr2024
YTD