OC Tax finishes ahead of expectations

Another higher-than-average month in Occupational Tax collections put McCreary County well over expectations for the year.

According to Judge Executive Doug Stephens’ office, June collections totaled $42,538.12, surpassing June 2015 by more than $9,000 and June 2014 by more than $36,000.

For the 2015-16 fiscal year a total of $1,135,531.38 was collected through the tax. Those fees are a culmination of payroll and profit taxes, as well as additional collections of past-due accounts, interest and penalties.

In the budget prepared last year, only $1 million in collections were estimated, meaning more than $113,000 additional revenue was brought in through the tax.

Collections averaged over $94,000 for the 12-month period, with six months bringing in over $100,000. February saw the highest collection – $188,044, while December had the lowest total – $22,747.

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