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FOR IMMEDIATE RELEASE
The City of Springfield's July one-percent general sales tax check from the Missouri Department of Revenue is up 26.55% compared to the month of July 2013. Revenues are also ahead of budget for July by $682,250 or 17.82%.
The sales tax check for July 2014 was $4,511,632 compared to the July 2013 check of $3,565,089. These figures represent sales processed by the state in June from transactions made primarily in April and May.
According to City Finance Director, Mary Mannix Decker, the $4.5 million figure is a new record high revenue amount for the month of July. The July revenue was welcome news following the 14% decline in June sales tax revenue. The June check was down compared to budget and when compared with June 2013, creating a $588,692 shortfall for that month.
The July check is the 11th month of the City’s fiscal year for financial reporting purposes given the 60-day processing period by the Missouri Department of Revenue. Mannix Decker said she is cautiously optimistic that the City will end the fiscal year reporting period on budget.
Fiscal year-to-date revenues are 4.3% higher compared with this time last year and are 1.2% higher compared to budget. Year-to-date revenues are currently $ 38,095,156 compared to $36,507,845 this time last year.
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For more information, contact: Finance Director Mary Mannix Decker, (417) 864-1625