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Strong month for OC Tax collections

Occupational Tax collections for February 18, 2015 showed a significant increase over previous years, putting collections on track to exceed what was budgeted for the first time this fiscal year.

According to numbers released by McCreary County Judge Executive Doug Stephens, a total of $199,304.29 will be disbursed to the General Fund from collections in February.

The total for the month exceeds last February’s collections by more than $65,000, and over $100,000 higher than the collections for February 2013.

For the first 8 months of the fiscal year a total of $702,334.45 has been collected and transferred into the general fund, more than $115,000 higher than what was collected over the same period in the last fiscal year.

If the average monthly collection of over $87,791 remains consistent, the total amount collected by the tax for the year could amount to more than $1,053,501, significantly over the budgeted amount of $950,000.

Last year, over the final quarter of the fiscal year, the average monthly collections were only  $63,249. If that average holds true, the county would still exceed the totals anticipated in the budget by about $5,000.

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