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FOR IMMEDIATE RELEASE
The City of Springfield's March 2017 1% general sales tax check from the Missouri Department of Revenue is down 8% compared to the amount budgeted.
The check reflects sales processed by the state in February from transactions made primarily in January. The sales tax check was $4,231,970, compared to the budgeted amount of $4,587,641. Year to date, revenues are down about 4% compared to budget.
City Finance Director David Holtmann believes that some portion of the shortfall in the March check is due to some processing delays.
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% of revenue in the General Fund comes from sales tax.
The City periodically reviews remittances from the City’s top 50 vendors remitting the highest amounts of sales tax revenues. This review helps to predict a somewhat unpredictable and highly variable revenue source. That variability makes budgeting a challenge, Holtmann said.
For more information, please call David Holtmann, Finance director, at 417-864-1632, or Cora Scott at 417-864-1009 or 417-380-3352.