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OC Tax collections should surpass budget projections

With just four months remaining in the fiscal year, McCreary County Occupational Tax collections appear on pace to exceed the total anticipated when the budget was drafted last year.

According to data released by McCreary County Judge Executive Doug Stephens’ office, $188,044.83 was collected by the Occupational Tax Office and added to the General Fund in February, bringing the total for the current fiscal year to just over $773,493.

Though collections for February were below the same period last year, when over $199,000 was brought in, the collections still far exceed totals for February 2014 ($137,00) and 2013 ($85,000) – and well above the average collected over the first eight months.

With an average of over $96,000 collected over the first two thirds of the year, if collections remain at that pace for the final four months, an estimated total of $1,1609,239 will have been added to the General Fund – $160,000 over the estimated $1 million projected in the 2015-16 budget.

Historically, the month of April is the strongest for tax receipts in the four collection periods remaining, with an average of over $164,000 brought in over the past three years. The months of March, May and June typically do not perform as well, however, with an average collection rate of just over $60,000 for March and May, and only $15,000 for June.

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