PDT Staff Writer
At the last regularly scheduled meeting of the Scioto County Financial Planning and Supervision Commission for the year, the county received overall positive economic news.
“Currently the county has an unexpended balance of $3.1 million in the general fund,” said Chris McCoy, of the Auditor of State’s Office. “They have pretty much doubled the fund balance since January, with two months left in the year.”
He said the news is also positive when you look at the sales tax.
“When you look at sales tax, the county is still ahead of last year, they are just not ahead as far as they were in 2012. Through October they are ahead of last year’s numbers by $100,000,” McCoy said.
He said when you look at this time last year the county sales tax was above estimates of $500,000.
“They (Scioto County) are continuing to build on the success they’ve had, but it (the sales tax) has not been gaining ground like it had been in 2011 and 2012,” McCoy said.
McCoy said barring any new industry comes to the county that brings with it buying power, the annual sales tax should begin to level off.
“They (Scioto County) average about $928,000 a month. If they stay around the average an estimated $1.8 million should come in for the remainder of the year (two months). If you take that into consideration they will take in $11 million in sales tax revenue for the year,” McCoy said. “They have never had that (those high of a sales tax numbers). I looked back as far as 2006 and that year they had $8.6 million.”
McCoy said he could not say enough positive things about that news. He said the county’s stumpage allocation is up 264 percent over original estimates.
At the beginning of the year the county estimated receiving $50,000 and received $132,440, $82,440 above original estimates.
The funding for the stumpage allocation comes from the annual sale of timber from Shawnee State Forest and Brush Creek State Forests.
In October, it was announced that Scioto County, as a whole, would be receiving $529,762.89 as a result of timber sales from Shawnee State Forest and Brush Creek State Forest.
Among the net total, the Scioto County government will be receiving $132,440.72. Brush Creek Township will receive $10,911.25, Morgan Township will receive $3,678.79. Nile Township will receive $69,440.67, Rarden Township will receive $14,958.19, Union Township will receive $33,451.83, Northwest Local School District is set to receive $126,000.09 and Washington-Nile Local School District will receive $138,881.35.
McCoy said the stumpage allocation is hard to predict because in 2009 the county received $21,000.
When it comes to casino revenue, McCoy said the county estimated receiving $500,000 at the start of the year, they have received $890,222.
“Overall the county is doing well and are still ahead of projections,” McCoy said.
Wayne Allen may be reached at 740-353-3101, ext. 228, or email@example.com. For breaking news, follow Wayne on Twitter @WayneallenPDT.