According to a statement from the City of Springfield, the sales tax check for August was $2,400,705, compared to last year’s check of $2,104,074. That’s an increase of $296,631.
These numbers represent sales processed by the state in July from transactions made primarily in May and June.
The City says they heavily rely on sales tax revenues as a main source of revenue to fund vital services, like police and fire operations.
In Springfield, approximately 60 percent of revenue in the general fund comes from sales tax and use tax.
For Fiscal Year 2014, sales tax revenue was $40,495,861, exceeding the budgeted amount of $39,686,500.
Compared to budget:
August 2014 sales tax revenue: $2,400,705
August 2014 budget: $2,135,941
August 2014 over budget: $264,764 (12%)
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