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FOR IMMEDIATE RELEASE
The City of Springfield’s January sales tax check from the Missouri Department of Revenue is up 4%, or $145,305, compared to the amount budgeted. The sales tax check was $4,233,473 compared to the budgeted amount of $4,086,055.
The check reflects sales processed by the state in December from transactions made primarily in November. On a year to date basis, with January being the seventh month in the 2017-2018 fiscal year, revenues are down 1% compared to budget.
Compared to last January, monthly revenues are up 5%, or about $198,834.
The January check continues the upward trend that began with the December 2017 check, which was up 3% compared to the budgeted amount.
The December 2017 check was a rebound from the previous three monthly disbursements. The positive December and January distributions are a step in the right direction, according to Finance Director Holtmann.
For several months, the city had been experiencing significant processing delays in vendor payments. November’s check was 7% below budget; October’s check was 9% below budget and September’s check was 7% below budget.
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 Assistant Director of Public Information and Civic Engagement Melissa Haase at 417-864-1003 or [email protected]