City of Springfield News Releases (General)

Posted on: August 20, 2014

August sales tax revenue up

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FOR IMMEDIATE RELEASE

The City of Springfield's August one-percent general sales tax check from the Missouri Department of Revenue is up 14% compared to the month of August 2013.
The sales tax check for August 2014 was $2,400,705, compared to the August 2013 check of $2,104,074 – an increase of $296,631. These figures represent sales processed by the state in July from transactions made primarily in May and June.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 60% of revenue in the General Fund comes from sales tax and use tax.

Compared to budget:
August 2014 sales tax revenue: $$2,400,705August 2014 budget: $2,135,941
August 2014 over budget: $264,764 (12%)

The August check represents the last month of the City’s fiscal year for financial reporting purposes, given the 60-day processing period by the Missouri Department of Revenue.

On a cash basis, June was the end of the fiscal year, however for the financial statements, July and August revenues accrue and are reporting in FY14. For FY 2014, sales tax revenue was $40,495,861. This exceeded the budget amount of $39,686,500.

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For more information, contact: Finance Director Mary Mannix Decker, (417) 864-1625.

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