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$235K in tax receipts reported |
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Written by Andrew Powell
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Friday, 26 February 2010 |
More than $235,000 in occupational tax receipts have been reported by county officials, revenues that are a slight increase above the same period last year.
More than $235,000 in occupational tax receipts have been reported by county officials, revenues that are a slight increase above the same period last year.
McCreary County Judge-Executive Blaine Phillips issued the quarterly tax report last Thursday. The reporting covers the 4th quarter of 2009, a period that marked collections between October 1 and December 31 with reporting issued on February 16, 2010. In all, $235,958 was collected during the period with $224,989 (less administration fees) allocated to various programs and services. $213,716 was collected during the same period last year, financial reports released by Judge Phillips show.
For the first time in the five-year history of the tax, annual collections (when based on the 2009 calendar year) surpassed the $1 million annual goal established by Judge Phillips. Collections for the 2008-2009 Fiscal Year hit the $998,000 mark. (The McCreary County Occupational Tax Office collects taxes and reports them based on a January through December calendar year as required by the Internal Revenue Service, however, the McCreary County Fiscal Court operates on, and attributes tax receipts to their budget, on the basis of a fiscal year, which runs July1 through June 30.) Phillips says receipts for the current fiscal year 2009-2010 will hit the $1 million mark.
“Even in the poor economy we should finally hit that mark,” Judge Phillips says. “That has been a goal and though we have lost employment in the county I believe we’ve had increases in employment with the various federal agencies here, businesses have been able to maintain profits and we have other employment coming with work beginning on Highway 92 and a new grocery store opening in the future.”
Phillips added that when officials prepare a new budget this June, he would be able to increase the allotment of tax receipts by at least $50,000, up from the current budgeted mark of $900,000.
“Of course anytime we receive over what is budgeted it goes on to where it is supposed to according to the tax ordinance, but when you can budget at the beginning of the year for these extra monies, the agencies and programs that utilize the funding can plan a little better and do a little more,” Judge Phillips added.
As for the $235,000 collected during the last quarter. $224,000 is allocated to programs and services after administration expenses associated with the tax are accounted for. The allocations this quarter include:
• General Fund/Three Deputies (22 percent) - $49,497
• Ambulance Service (20 percent) - $44,997
• Economic Development (20 percent) - $44,997
• Park (20 percent) - $44,997
• Jail (10 percent) - $22,498
• 911 (5 percent) - $11,249
• Tourism (3 percent) - $6,749
The next reporting period for occupational tax receipts ends around May 15. |
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