City government · Henry County, KY

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

In the latest recorded fiscal year (ended June 30, 2024), Smithfield took in $84 thousand and spent $85 thousand.

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

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Where it comes from

City taxes90%Fines and other4.8%State tax money3.6%County and local tax money1.2%

What stands out

81%

of Smithfield's money comes from taxes other than property, sales and income taxes.A typical U.S. city, town or village of under 10,000 people gets 2.5%.

City taxes90%

Other taxes
81%$68 thousand
What's in other taxesInsurance premium taxes and public utility taxes
  • Insurance premium taxes$66 thousand
  • Public utility taxes$2 thousand

Amounts are by Census tax category.

Property tax
9.5%$8 thousand

State tax money3.6%

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

From the state
3.6%$3 thousand

County and local tax money1.2%

Money passed on by the county or other local governments.

From the county and other local governments
1.2%$1 thousand

Fines and other4.8%

Interest, rents and other
4.8%$4 thousand

Where it goes

Parks, recreation and libraries68%Running the government and other costs22%Water, sewer, trash and utilities8.2%Police, fire, courts and jails1.2%

What stands out

68%

of Smithfield's spending goes to parks, recreation and libraries.A typical U.S. city, town or village of under 10,000 people spends 2.2%.

Spending by category100%

Parks, recreation and libraries
68%$58 thousand
What's in parks, recreation and librariesParks and recreation
  • Parks and recreation$58 thousand
Running the government and other costs
22%$19 thousand
What's in running the government and other costsOther and not broken out; central staff services (personnel, purchasing, technology) and 1 more
  • Other and not broken out$9 thousand
  • Central staff services (personnel, purchasing, technology)$8 thousand
  • Finance, tax collection and budgeting$2 thousand
Water, sewer, trash and utilities
8.2%$7 thousand
What's in water, sewer, trash and utilitiesElectric power
  • Electric power$7 thousand
Police, fire, courts and jails
1.2%$1 thousand
What's in police, fire, courts and jailsFire protection
  • Fire protection$1 thousand
Sources and moreWhere these numbers come from and what they cover

City of Smithfield. 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 Smithfield 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.