LAUREL COUNTY, Ky. —
The City of London will get an unexpected financial boost, as the Laurel County Fiscal Court voted for a 5 percent increase in the city’s share of the occupational tax.
Magistrates voted unanimously in favor of raising the city’s share, which will add an extra $30,000 per month to the city’s budget.
The increase will bring the city’s share of the tax to 30 percent of the estimated $8.2 million annual occupational tax revenues, or an estimated $370,000 per year extra.
This increase in funds was not included in the recently approved city budget for fiscal year 2013-2014, which begins on July 1 and ends on June 30, 2014, according to a representative with the London City Hall.
Laurel County Deputy Judge Executive Rick Brewer, who was previously the director of the Occupational Tax Office, said the occupational tax is actually disbursed according to the receipts from occupational tax collections, with money distributed after the administrative costs of the Occupational Tax Office are paid. The city’s share of the occupational tax money averages to just over $2 million annually.
The city’s recently approved budget for the upcoming fiscal year showed a huge decrease in the charitable donations by nearly $10,000 from past years.
London Mayor Troy Rudder was unavailable for comment at press time on Thursday morning.