Rapid City’s sales tax haul continues to pile up
RAPID CITY, S.D. (KOTA) - Rapid City continues to rake in the sales tax revenue and that means another record month of receipts.
The city reported August 2022 sales tax receipts of $3.55 million. That’s a new record for the month. The previous August record haul was last year, with $3.27 million.
So far this year, Rapid City has pulled in $25.19 million. That’s 7.6 percent higher than the year before when the city recorded sales tax receipts of $23.41 million.
“In terms of month to month receipts, we have surpassed the three-million dollar mark this year in five of the eight months for which the state has calculated the receipts,” said the city interim finance Director, Tracy Davis.
“In all of last year’s record-setting year for sales tax receipts, we surpassed that level five times,” Davis added. “We still have four months of collections that will determine this year’s overall total. It will be interesting to see if we can reach and surpass last year’s total but also maintain a level of estimated annual growth and cut into the impacts of inflation.”
At the end of 2021, the city set a new sales tax record; a record that was set just the year before. For 27 straight months, Rapid City has seen higher sales tax receipts when compared to the same month from the previous year.
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