Springfield tax collections fall short of projections

While the city of Springfield missed its projection for February, sales tax collections rose compared to the previous year.

The Missouri Department of Revenue issued a 1 percent general sales tax check of $2.94 million this month, representing sales processed by the state in January from transactions made largely in December.

While that’s 7 percent below the city’s projection for the month, its 1 percent above actual collections in February 2015, according to a news release.

The latest sales tax check brings Springfield’s fiscal year-to-date collections to $28.9 million, which is 3 percent ahead of the same time last year.

The city had budgeted $27.9 million in collections through February, meaning actual sales tax collections are 4 percent ahead of projections, according to the release.

Roughly 60 percent of Springfield’s general fund revenue is derived from sales and use taxes.