Supervisors distribute Local Option Sales Tax
The Local Option Sales and Services Tax continues to be a lucrative source of income for Jasper County. The Board of Supervisors approved transfers from the LOST fund account to three county funds for distribution during Tuesday's meeting.
The transfers allocate the actual June 30, 2012 cash balance to the LOST fund that is to be used for property tax relief for the current fiscal year 2012-13 budget. A total of $567.148.18, or 45 percent of the total received, was transfered to the county's General Basic Fund; 24.4 percent, or $307,520.35 was transfered to the General Supplemental Fund; and 30.6 percent, or $385.660.76 was transfered to the Rural Services Basic Fund.
The Iowa State Department of Revenue is required to distribute to participating Local Option Sales Tax jurisdictions and to all school districts 95 percent of their estimated sales tax collections on a monthly basis. The Department of Revenue has estimated that Jasper County will receive $1,221,896.52 for the 2013 fiscal year.
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