Rapid City’s sales tax receipts surge, fueling steady economic growth
RAPID CITY, S.D. (KEVN) - Rapid City has seen an increase in its sales tax receipts, leading to steady tax growth for the city.
Over the last nine months, the city’s sales tax receipts have totaled more than $63 million. This is an increase of about 2% from last year, including month-to-month inflation.
With sales tax being an important portion of the city’s revenue, seeing the numbers continue to level out to steady growth is promising for the expansion of the city.
“Not only does it fund a lot of the ongoing operational costs of the community, but it also funds a significant portion of our infrastructure improvements as well as just the overall quality of life improvements that we are making,” explained Rapid City’s Finance Director Daniel Ainslie.
The way the city benefits from the sales tax is through the 2% collected from nearly every purchase within the city. That money is divided into three parts: the city’s general fund, the capital improvement fund, and the vision fund.
Copyright 2023 KEVN. All rights reserved.