OC Tax should hit projection
By Greg Bird
With 11-months of the fiscal year completed it appears that the Occupational Tax revenues for the year are going to meet the projected total anticipated in the current year’s budget – barely.
McCreary County Occupational Tax receipts for the month of May pushed overall totals over $1 million, $1,079,199, which is just under $21,000 below the projected $1.1 million estimated in the budget. With a total of $166,677.24 collected for May, $111,118.16 is dedicated to the General Fund and $55,559.08 will go to the Jail Fund. To date, $539,599 has been collected for the Jail Fund.
Typically receipts for June, the final month in the budget cycle, are well below average due to how businesses report quarterly payroll and profits. For the past four years only an average of just over $37,000 has been collected in June. If that average hold up, the General Fund receipts for the year would be about $1.107 million – only $7,000 above projections.
This year’s totals are ahead of collections at the same point in the previous budget cycle, when $1.061 million was collected through May. The 2018-19 total General Fund collections were only $1.08 million. Over the past four years total collections have averaged $1.125 million, with 2016-17 recording the highest collection of $1.166 million.