diff --git a/sqlmesh/core/renderer.py b/sqlmesh/core/renderer.py
index 9e750159be..0cbf9b6e94 100644
--- a/sqlmesh/core/renderer.py
+++ b/sqlmesh/core/renderer.py
@@ -196,7 +196,14 @@ def _resolve_table(table: str | exp.Table) -> str:
             **kwargs,
         }
 
+        if this_model:
+            render_kwargs["this_model"] = this_model
+
+        macro_evaluator.locals.update(render_kwargs)
+
         variables = kwargs.pop("variables", {})
+        if variables:
+            macro_evaluator.locals.setdefault(c.SQLMESH_VARS, {}).update(variables)
 
         expressions = [self._expression]
         if isinstance(self._expression, d.Jinja):
@@ -268,14 +275,6 @@ def _resolve_table(table: str | exp.Table) -> str:
                             f"Could not parse the rendered jinja at '{self._path}'.\n{ex}"
                         ) from ex
 
-        if this_model:
-            render_kwargs["this_model"] = this_model
-
-        macro_evaluator.locals.update(render_kwargs)
-
-        if variables:
-            macro_evaluator.locals.setdefault(c.SQLMESH_VARS, {}).update(variables)
-
         for definition in self._macro_definitions:
             try:
                 macro_evaluator.evaluate(definition)
diff --git a/tests/core/test_model.py b/tests/core/test_model.py
index 1ada9bd4a5..a45e1e1e67 100644
--- a/tests/core/test_model.py
+++ b/tests/core/test_model.py
@@ -12158,3 +12158,21 @@ def test_grants_empty_values():
 def test_grants_table_type(kind: t.Union[str, _ModelKind], expected: DataObjectType):
     model = create_sql_model("test_table", parse_one("SELECT 1 as id"), kind=kind)
     assert model.grants_table_type == expected
+
+
+def test_model_macro_using_locals_called_from_jinja(assert_exp_eq) -> None:
+    @macro()
+    def execution_date(evaluator):
+        return f"""'{evaluator.locals.get("execution_date")}'"""
+
+    expressions = d.parse(
+        """
+        MODEL (name db.table);
+
+        JINJA_QUERY_BEGIN;
+        SELECT {{ execution_date() }} AS col;
+        JINJA_END;
+        """
+    )
+    model = load_sql_based_model(expressions)
+    assert_exp_eq(model.render_query(), '''SELECT '1970-01-01' AS "col"''')