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Covington reports steady revenues through second quarter; property taxes, REET and business tax collections meet or exceed expectations
Summary
City staff told the City Council on Aug. 12 that through the second quarter the city has collected about $1.7 million in property taxes (52% of levy), $557,000 in real-estate excise taxes (69% of budget) and nearly $1.2 million in business-and-occupation collections, putting the general fund on track for 2025.
The Covington City Council heard a second-quarter financial report Aug. 12 showing revenues generally tracking budget and several individual categories outperforming 2024. Finance staff said collections through the end of June included about $1,700,000 in property-tax receipts (52% of the city’s $3.3 million levy) and roughly $557,000 in real-estate excise tax collections, or about 69% of budget for that category.
City finance staff presented the report during the council’s Aug. 12 meeting and noted the city’s mix of revenues is producing stable results despite some softening in retail sales. “Through second quarter, we’ve received about $1,700,000… It’s 52% of our levy, and our levy this year is $3,300,000,” finance staff said.
The presentation emphasized several specifics that shape the revenue picture. Real-estate excise…
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