With its final local option sales tax check for 2013 in hand and with proceeds from the new Title Ad Valorem Tax, Jackson County beat its 2013 budget for LOST revenue by almost $220,000, according to county finance director Logan Propes.
In an email sent to county officials last week, Propes reported that the LOST check for $549,340 — for sales made primarily in December — was the largest of 2013.
“Our budgeted FY 2013 goal for local option sales tax receipts was $5,575,000. As such, LOST came in just under budget at $5,413,007, which was 2.91 percent or $161,993 below budget.
“However, as previously stated, much of the lower LOST revenues can be attributed to the new Title Ad Valorem Tax (TAVT) that began in 2013. Fortunately, the TAVT has continued to offset a loss in LOST revenues. As such, the LOST component of TAVT has brought in an additional $381,928. In total, when factoring in the LOST component of TAVT to the 2013 LOST budget, LOST stands with a current surplus of $219,935, which is 3.95 percent above budget.”
The local option sales tax is a permanent one-percent tax apportioned among the county and municipal governments by a formula based on population. The LOST check is only the portion sent to the Jackson County government.
Jackson County also received a check for $916,218 for the special purpose local option sales tax (SPLOST), a six-year tax approved by the voters. That check must be divvied up among all of the municipalities according to a population-based formula established before the issue was put to the voters.