County Finances Better Than Expected

Clay County Treasurer Bob Nance announced on Thursday, December 17, that the county is doing better than expected despite the pandemic. Nance’s report stated that annual tax revenue numbers are up compared to last year as the unemployment rate continues to drop.

As we come to the end of this challenging year, we are extremely fortunate compared to many counties - Clay County Treasurer Bob Nance

Clay County’s sales and use tax exceed prior year numbers. Although sales tax revenue for December was down $64,000 compared to December 2019, Clay County finished the year $139,000 above the prior year. Actual sales tax revenue for 2020 is $28,926,277 compared to $28,787,042 in 2019.

Use tax revenue ended the year $1,234,000 above last year. Total use tax for 2020 is $7,206,152 compared to $5,972,134 in 2019. Law Enforcement and Children’s Services sales tax increased a combined $103,000 over the prior year.

These numbers reflect revenue received in December was generated from sales in October, sent to the state in November and remitted to the county the first part of December.

Nance also announced that the Bureau of Labor Statistics reported the October unemployment rate in Clay County fell to 3.7%, down from 3.9% in September.

Nance does not believe the economic and employment situation in the county is beginning to stabilize. “With the surge in the virus, the release of the vaccine, and the uncertainty of any additional federal relief, it will be extremely difficult to predict the ups and downs we will surely experience in the coming months,” he stated. “As we come to the end of this challenging year, we are extremely fortunate compared to many counties in the state and the nation.”

KPGZ News – Brian Watts contributed to this story