Springfield sales tax receipts are up

(From the City of Springfield)

The City of Springfield began the 2018-2019 fiscal year with a sales tax check from the Missouri Department of Revenue up 5 percent, or $224,612, compared to the amount budgeted. The sales tax check was $4,710,384 compared to the budgeted amount of $4,485,772.

On a 12-month average, sales tax revenues are up 1 percent or $489,102.

The check reflects sales processed by the state in June from transactions made primarily in May.

“With the start of the new fiscal year, the Finance Department will begin providing additional data when we report our monthly sales tax revenue, to reflect the rolling 12-month average,” said Finance Director David Holtmann. “We feel that offering this additional data will provide a more consistent and realistic perspective of the City’s sales tax revenue throughout the entire year, rather than just on a month-to-month basis.”

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 comes from sales tax and use tax.