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City of Springfield Reports May Sales Tax Revenue Increase

SPRINGFIELD, Mo. – The City of Springfield announced on Tuesday that the May one-percent general sales tax check from the Missouri Department of Revenue is up.
SPRINGFIELD, Mo. – The City of Springfield announced on Tuesday that the May one-percent general sales tax check from the Missouri Department of Revenue is up.

This year’s May 2014 sales tax revenue is $3,479,295, compared to the May 2013 revenue of $2,363,645.

According to a statement, the City of Springfield is citing a belief from the City’s Finance Department that the State Department of Revenue was behind in processing payments.

Year-to-date sales tax revenue is very close to budget.  Year to date, actual revenue is over what was budgeted by .43 percent.

The statement says the significant increase in May sales tax revenue helped move the actual revenue closer to budget. 

In April, sales tax revenue was 10.74 percent lower in 2014 than in April 2013. Year to date, actual revenue is 2.89 percent below budget.

The following was provided by the City of Springfield:

May 2014 sales tax revenue  $ 3,479,295
May 2014 Budget   $ 2,360,398
May 2014 Over Budget  $ 1,118,897 (47%)

May 2013 sales tax revenue  $ 2,363,645

YTD Actual  $35,815,883
YTD Budget  $35,661,002
YTD revenues over budget  $  154,881  (.43%)

 
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