City government · Kenton County, KY

Covington's money: where it comes from and where it goes

In the latest recorded fiscal year (ended June 30, 2024), Covington took in $97.9 million and spent $68.7 million.

Latest recorded year: ended June 30, 2024Comes fromGoes to

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Where it comes from

City taxes60%Federal tax money19%Fees for services (parking, garbage collection)11%Fines and other5.8%State tax money5.0%County and local tax money<0.1%

What stands out

28%

of Covington's money comes from a personal income tax.Most U.S. cities of 10,000 to 50,000 people get none.

City taxes60%

Individual income tax
28%$27.9 million
Other taxes
15%$15.1 million
What's in other taxesInsurance premium taxes; public utility taxes and 2 more
  • Insurance premium taxes$11.5 million
  • Public utility taxes$3.3 million
  • Other licenses$192 thousand
  • Alcoholic beverage licenses$186 thousand

Amounts are by Census tax category.

Property tax
9.9%$9.7 million
Business income tax
5.7%$5.6 million

Fees for services11%

Fees for services
11%$10.7 million
What's in fees for servicesOther service charges; parking and 2 more
  • Other service charges$6.0 million
  • Parking$2.7 million
  • Garbage collection$1.7 million
  • Parks and recreation$285 thousand

Amounts are by Census type of charge.

Federal tax money19%

Grants from Washington, paid for by the federal taxes residents also pay.

From the federal government
19%$18.3 million

State tax money5.0%

Money the state passes on, paid for by the state taxes residents also pay.

From the state
5.0%$4.9 million

County and local tax money<0.1%

Money passed on by the county or other local governments.

From the county and other local governments
<0.1%$56 thousand

Fines and other5.8%

Interest, rents and other
4.6%$4.5 million
Fines
1.2%$1.2 million

Where it goes

Police, fire, courts and jails39%Running the government and other costs20%Roads, transit and parking18%Housing and community development17%Water, sewer, trash and utilities4.4%Parks, recreation and libraries1.0%

What stands out

17%

of Covington's spending goes to housing and community development.Most U.S. cities of 10,000 to 50,000 people spend nothing on this.

Spending by category100%

Police, fire, courts and jails
39%$26.7 million
What's in police, fire, courts and jailsPolice; fire protection and 1 more
  • Police$13.7 million
  • Fire protection$12.6 million
  • Inspections and regulation$363 thousand
Running the government and other costs
20%$13.9 million
What's in running the government and other costsCentral staff services (personnel, purchasing, technology) and other and not broken out
  • Central staff services (personnel, purchasing, technology)$13.8 million
  • Other and not broken out$56 thousand
Roads, transit and parking
18%$12.5 million
What's in roads, transit and parkingRoads and highways and parking
  • Roads and highways$10.7 million
  • Parking$1.8 million
Housing and community development
17%$11.8 million
Water, sewer, trash and utilities
4.4%$3.0 million
What's in water, sewer, trash and utilitiesGarbage and solid waste and sewer systems
  • Garbage and solid waste$2.5 million
  • Sewer systems$546 thousand
Parks, recreation and libraries
1.0%$721 thousand
What's in parks, recreation and librariesParks and recreation
  • Parks and recreation$721 thousand
Sources and moreWhere these numbers come from and what they cover

City of Covington. U.S. Census Bureau, 2024 Annual Survey of State and Local Government Finances, individual unit file, fiscal year ended June 30, 2024.

What this covers. The money of City of Covington itself. Other governments that serve the same area (the city, county, school district and state) are separate and not included. Borrowing, transfers between a government's own funds, and pension trust funds are not counted as revenue.