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FOR IMMEDIATE RELEASE
The City of Springfield’s October sales tax check from the Missouri Department of Revenue is down 9%, or $356,885, compared to the amount budgeted. The sales tax check was $3,607,193 compared to the budgeted amount of $3,964,078.
The check reflects sales processed by the state in September from transactions made primarily in August. On a year to date basis, with October being the fourth month in the 2017-2018 fiscal year, revenues are down 2% compared to budget.
Compared to last October, monthly revenues are down 5%, or about $190,000.
“The City has been unable to analyze the sales tax collections for the month due to the state’s new reporting portal and the information not yet being available,” said Finance Director David Holtmann.
The October check is the second below-budget check the City has processed since June, after the City started the new fiscal year off with a rebound. September’s check was down 7% compared to the budgeted amount due to a delay in the processing of several of the City’s largest vendors’ sales tax collections.
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 and use tax.
For more information, please call David Holtmann, Finance director, at 417-864-1632, or Director of Public Information and Civic Engagement Cora Scott at 417-864-1009 or 417-380-3352.