Occupational tax receipts top expectations

With one month to go in the fiscal year collections for the McCreary County Occupational Tax Fund have surpassed budget expectations and exceeded $1 million.

With receipts for April and May topping over $266,000 combined, the total collections for the past 11 months totals $1,092,993.35 – nearly $100,000 over the estimate of $1 million set forth in the 2014-15 budget.

By comparison, at the same time last year $1,070,651 was collected.

June, the final month of the fiscal year, traditionally brings in a smaller amount of revenue than the previous months due to how it falls at the end of a quarter. Businesses typically do not report their payroll and profits until July, leading to a smaller collection for June.

Last June was an unusual month with $35,000 collected. The previous two Junes, in 2014 and 2013 brought in only an average of about $4,000.

In the proposed 2016-17 budget, Occupational Tax collections are projected to remain at $1 million.