Receipts from the local option sales tax (LOST) are running a quarter-million dollars under budget in Jackson County for 2013, according to data released by county finance director Logan Propes last week.
Propes noted that the December distribution from the Georgia Department of Revenue amounted to $447,623 based on sales made primarily in November.
“Our budgeted FY 2013 goal for local option sales tax receipts is $5,575,000,” Propes pointed out in an e-mail to county officials. “This is the eleventh month’s receipts collected and allocated for 2013. As such, LOST is running $246,749 or 4.83 percent below the FY 2013 budget for the period. The total 2013 LOST collected so far is $4,863,668.”
But Propes had some mitigating good news.
“However, much of the lower LOST revenues can be attributed to the new Title Ad Valorem Tax (TAVT),” he added. “Fortunately, the TAVT has continued to offset a loss in LOST revenues. As such, the LOST component of TAVT has brought in an additional $343,222. In total, when factoring in the LOST component of TAVT to the 2013 LOST budget, LOST stands with a current surplus of $96,473, which is 1.89 percent above budget.”