News Summary
Fayette County Public Schools is debating a proposal to raise the occupational license tax from 0.5% to 0.75% as part of a strategy to tackle an $848 million budget for fiscal year 2026. This decision follows projected general fund reductions of $16 million. Local officials and community members have raised concerns about the transparency of this proposal ahead of the upcoming school board meeting, where public input will be invited. The proposal requires approval from the Fayette County Fiscal Court, complicating the process compared to property tax increases.
Lexington – Fayette County Public Schools is contemplating an increase in the occupational license tax from 0.5% to 0.75% of wages and net profits to address budget shortfall concerns. This proposal comes as officials estimate an $848 million budget for fiscal year 2026, along with predictions indicating a necessary reduction of $16 million from the general fund budget to meet anticipated expenses.
The discussion surrounding the tax hike is scheduled for a regular school board meeting, where Deputy Superintendent Houston Barber will present the proposed resolution. Current projections anticipate that the occupational license tax will generate approximately $57 million for the school district in the upcoming fiscal year— a crucial component as the board looks to raise additional funds amid increasing financial pressures…