Rapid City’s sales tax revenue has seen an increase over last years first quarter numbers

Published: Jul. 13, 2023 at 7:36 AM MDT
Email This Link
Share on Pinterest
Share on LinkedIn

RAPID CITY, S.D. (KEVN) - Sales tax revenue directly correlates to the health of Rapid City’s economy. So far this year, the city has seen a 2% increase over the first quarter of 2022.

Within the first four months of 20-23, Rapid City saw about a 5% increase from last year, with tourism sales tax outperforming the general sales tax, according to city finance director Daniel Ainslie.

He also mentioned sales tax has been coming in at or slightly higher than inflation, and that shows Rapid City has a strong business climate.

“As far as the general economy of Rapid City, that’s important because it shows that all of our sectors including small mom-and-pop stores, as well as large big box stores continue to do well. So that’s important for the health of our retailers as well as for the employees they employ,” Ainslie said.

Ainslie went on to say sales tax revenue is important for the community because it helps pay for enhancements and general operations, and is one of the primary finance sources for capital improvement projects.

Keep up to date on your local news with the KEVN News App.