Springfield sales tax revenue up

(From the City of Springfield)

After five months of below-budget sales tax checks from the Missouri Department of Revenue, the City of Springfield’s July check is up 6%, or $283,141, compared to the amount budgeted. The sales tax check was $4,662,889, compared to the budgeted amount of $4,379,748.

The check reflects sales processed by the state in June from transactions made primarily in May. The July check is the first check for the 2017-2018 fiscal year.

“It appears much of the backlog of unprocessed vendor remittances noted with last month's distribution have been processed with this latest distribution to the City,” says Finance Director David Holtmann.

Sales tax revenues were down 10% in June, 4% in May, 5% in April, 8% in March and 4% in February. The City finished the 2016-2017 fiscal year with sales tax revenues down 4% compared to budget.

When comparing to the same month last year, July receipts are up $683,044, or 17%, over July of 2016.

The City heavily relies on sales tax revenues as its main source of revenue to fund vital services, such as police and fire operations. In Springfield, approximately 56% of revenue in the General Fund comes from sales tax and use tax.