FOR IMMEDIATE RELEASE
The latest revenue numbers for the City of Republic suggest the local economy remains strong and continues to grow.
Financials for the month of June 2018, capping off the second quarter, show sales tax receipts are up 6.25% for the year. Revenue to date was $2,958,119.06. That figure is compared to the $2,784,024.17 posted in June of 2017.
Debbie Parks, City of Republic Finance Director, credits a couple of things for the increase. First, she says business growth and the opening of several new retailers and restaurants generated more sales tax. It appears more people are spending more money around the city. The second reason, she said, may be more accurate reporting by the Missouri Department of Revenue. That agency had faced several challenges last year while implementing a major software conversion project.
"Their collections were often behind," she stated. They have fixed the collection issues and it appears that we have less fluctuation in our tax deposits for the past couple months."
The City of Republic relies on its various municipal sales taxes, totaling 2.375%, to pay for important community services such as fire and police, streets and public works, parks and recreation, and other essential government functions.
Finance Director Parks says the new numbers are a great sign. But, city leaders remain cautiously optimistic heading into the second half of the year.
"We had budgeted an approximately 3% increase for this year in the budget," she explained. "While I remain hopeful that we will end the year higher than the 3%, sales tax can fluctuate. Management keeps a careful eye on the numbers as the sales revenue report comes in each month to make sure the trend is continuing."
For more information or media inquiries, please contact Michael Landis, Public Information Officer, at 417-380-7697 or MLandis@RepublicMo.com