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Business and the Economy

Sales Tax Revenues up in Springfield

401(K) 2013

The City of Springfield's June one percent general sales tax check from the Missouri Department of Revenue is up three percent compared to what was budgeted, according to a news release from the city. The check reflects sales processed by the state in May from transactions made primarily in April.

The sales tax check was $4,080,429 compared to the budgeted amount of $3,965,760.

On a year-to-date basis, sales tax revenue is $42,494,343. That's five percent or $2,012,253 above the budgeted amount of $40,482,090.

When comparing to the same month last year, June receipts were up $643,623 or 19 percent over June 2014. On a year-to-date basis, the sales tax revenue is eight percent or $3,241,657 more than last year.
In the news release, the city says it relies 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 60% of revenue in the General Fund comes from the sales tax and use tax.