General fund revenues for 2022 are also expected to include $1,975,000 from local government funds as well as $3,360,200 from fines, licenses and charges, according to data shared by the city.
Revenue that was listed as other is expected to generate an additional $4.3 million for the general fund.
However, general fund expenditures have not been determined for 2022.
The process to come up with those numbers is expected to start by the end of the summer and those predications are expected to be solidified by the end of this year, according to Mark Beckdahl, the finance director for the city of Springfield.
But, income tax collections for 2022 are expected to surpass not only this year but 2019 as well.
Income tax collections took a hit early on in 2020 due to the immediate economic impacts of the coronavirus pandemic. However, the city started seeing a recovery by the end of that year.
“Late in (2020) we started to see a somewhat of a return to normalcy, not entirely, but it was going in the right direction and really has carried over into 2021,” Beckdahl said.
The city is expected to see $39,285,000 in income tax collections by the end of 2021. That is compared to the $35,554,225 collected in 2020 and the $36,417,605 collected in 2019.
Beckdahl said that the most current income tax receipts for 2021 show a sizable growth when compared to the same period in both 2020 and 2019.
He said that those receipts this year are just under $23 million when compared to the little over $20 million reported around the same time in 2019.
Beckdahl said that a number of manufacturers in the area, including Silfex and Topre, are ramping up or doing fine in terms of business.
Silfex has also been adding employees to its facility in Springfield.
Beckdahl also noted that new employment along with new home development in the city as well as economic activity increasing at the airport can all play a part in an increase in tax revenue.
By the numbers:
$39.8M - Estimated income tax revenues for 2022
$49.8M - Estimated general fund revenues for 2022
80 - Percentage of general fund revenues that come from income tax