Lexington Business and Employee Withholding Taxes Down
Just as Lexington’s mayor is about to begin the process of building a city budget plan, there’s a slight glitch. Lexington Finance Commissioner Bill Omara told council members Tuesday that revenues are strong, but not as strong as predicted.
“We’re a little over two million dollars behind four months ending in October in the combined categories of with-holding and net profits, but our total revenues, with all capacity, looking at it, we’re above budget by about 750 thousand dollars,” said Omara. Omara admits employee withholdings and taxes on local businesses provide a lion’s share of money coming into Lexington’s coffers. Before the city begins building a budget in earnest, Omara says they’ll have December’s figures to examine. “Well, we’ll start the budget process after the first of the year. Of course, we’ll look at revenues as up to date as possible, so we’ll get through December and take a look at how we are halfway through the year,” added Omara. City revenues are up in areas like the tax on insurance premiums, service fees, and property taxes.