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Occupational Tax on track to hit $1 million

Even with a less than average month for receipts, McCreary County Occupational Tax collections continue to out perform projections set forth in last year’s budget.

According to the McCreary County Judge Executive’s Office $52,417.49 was added to the General Fund through the Occupational Tax in March.

That total is less than collections over the past three years in the same month. In 2015 more than $83,447 was collected, more than $68,000 in 2014 and in excess of $57,000 in 2013. Prior to 2013 the receipts were released quarterly, and individual month collections are unavailable.

Over the first nine months of the fiscal year, nearly $826,000 has been collected, about $24,000 ahead of collections for the same period over the previous fiscal year.

The month’s less-than stellar collections drops the monthly average for collections to approximately $91,000 per month, which projects to a 12-month total collections of more than $1.1 million, or more than $100,000 more than was planned for in the 2015-16 County Budget.

But that average does not appear to be sustainable, as the final two months of the fiscal year, May and June, traditionally have much lower collection rates.

With the month of April averaging approximately $160,000 in collections over the past three years, and May/June averaging about $70,000 for the two months combined – a more realistic projection for year-end total collections amounting to about $1.056 million – or only $5,000 beyond initial expectations.

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