Income tax

Springfield is expected to generate $45.2 million in income tax revenue for 2023

However, income tax revenue increased to 39.9 million in 2021.

This information was recently shared with the City of Springfield Commissioners by Mark Beckdahl, the City of Springfield’s Chief Financial Officer. An ordinance adopting the tax budget was also approved by elected officials at their bi-weekly public meeting on Tuesday.

The projected tax revenues are part of larger discussions related to what the city’s overall budget will look like in 2023. City officials will review planned spending in the near future and the overall budget for 2023 is expected to be presented by now. the end of this year. .

“It’s awfully early in the year to focus on scopes. We’ll be talking about it throughout the summer,” Beckdahl said during his presentation to city commissioners.

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In addition to income tax revenue projections, Springfield also expects an additional $3.8 million in general fund revenue to come from fines, licenses and fees for city-administered services. .

Local government funds are expected to add $2.4 million to general fund revenue for this year, which is an increase from what is projected for this year, Beckdahl said.

Springfield expects total major operating and capital fund revenue to total approximately $104.3 million for 2023. Projected general fund revenue will be 53%. Other revenue outside of the general fund includes $31.4 million from city utilities funds, $7.8 million from permanent improvement funds, $4.2 million from city street funds and $3.5 million from the special police tax.