Springfield sales tax revenues down

(From the City of Springfield)

The City of Springfield’s June sales tax check from the Missouri Department of Revenue is down 6 percent, or $231,686, compared to the amount budgeted. The sales tax check was $3,956,710 compared to the budgeted amount of $4,188,396.

The check reflects sales processed by the state in May from transactions made primarily in April. On a year to date basis, with June being the last month in the 2017-2018 fiscal year, revenues are up 1 percent, or $559,802.

“While monthly collections were below budget for the month, sales tax collections for the year have exceeded budget by 1 percent and exceeded last year’s collections by almost $2 million,” said Finance Director David Holtmann.

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.