Springfield sales tax revenue down five percent

(From the City of Springfield)

The City of Springfield’s March sales tax check from the Missouri Department of Revenue is down 5 percent, or $235,423, compared to the amount budgeted. The sales tax check was $4,253,685 compared to the budgeted amount of $4,489,117.

The check reflects sales processed by the state in February from transactions made primarily in January. On a year to date basis, with March being the ninth month in the 2017-2018 fiscal year, revenues are up 1 percent compared to budget.

Sales tax continues to show growth despite missing March’s budget projection, said Finance Director David Holtmann.

Compared to last March, monthly revenues are up 4 percent, or about $1,281,974.

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 percent of revenue in the General Fund comes from sales tax and use tax.