City government · Pulaski County, KY

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

In the latest recorded fiscal year (ended June 30, 2024), Somerset took in $58.1 million and spent $50.9 million.

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

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Where it comes from

Fees for services (gas, water)64%City taxes21%Federal tax money6.6%Fines and other2.9%County and local tax money2.7%State tax money2.1%

What stands out

64%

of Somerset's money comes from fees for services such as water, sewer and parking.A typical U.S. city of 10,000 to 50,000 people gets 30%.

City taxes21%

Other taxes
8.3%$4.8 million
What's in other taxesInsurance premium taxes; alcoholic beverage licenses and 3 more
  • Insurance premium taxes$2.6 million
  • Alcoholic beverage licenses$1.0 million
  • Public utility taxes$789 thousand
  • Occupation and business licenses$354 thousand
  • Other licenses$97 thousand

Amounts are by Census tax category.

Individual income tax
6.9%$4.0 million
Property tax
3.7%$2.2 million
Business income tax
2.3%$1.3 million

Fees for services64%

Fees for services
64%$37.4 million
What's in fees for servicesGas; water and 4 more
  • Gas$10.4 million
  • Water$8.6 million
  • Other service charges$7.1 million
  • Garbage collection$4.9 million
  • Sewer$3.9 million
  • Parks and recreation$2.5 million

Amounts are by Census type of charge.

Federal tax money6.6%

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

From the federal government
6.6%$3.9 million

State tax money2.1%

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

From the state
2.1%$1.2 million

County and local tax money2.7%

Money passed on by the county or other local governments.

From the county and other local governments
2.7%$1.6 million

Fines and other2.9%

Interest, rents and other
2.8%$1.6 million
Fines
<0.1%$40 thousand

Where it goes

Water, sewer, trash and utilities44%Police, fire, courts and jails26%Running the government and other costs9.4%Parks, recreation and libraries7.8%Housing and community development4.4%All other spending8.0%

What stands out

44%

of Somerset's spending goes to water, sewer, trash and other utilities.A typical U.S. city of 10,000 to 50,000 people spends 24%.

Spending by category100%

Water, sewer, trash and utilities
44%$22.5 million
What's in water, sewer, trash and utilitiesGas supply; water supply and 2 more
  • Gas supply$8.0 million
  • Water supply$7.1 million
  • Garbage and solid waste$4.1 million
  • Sewer systems$3.3 million
Police, fire, courts and jails
26%$13.3 million
What's in police, fire, courts and jailsFire protection and police
  • Fire protection$8.2 million
  • Police$5.1 million
Running the government and other costs
9.4%$4.8 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)$4.1 million
  • Other and not broken out$690 thousand
Parks, recreation and libraries
7.8%$4.0 million
What's in parks, recreation and librariesParks and recreation
  • Parks and recreation$4.0 million
Housing and community development
4.4%$2.3 million
Roads, transit and parking
3.5%$1.8 million
What's in roads, transit and parkingRoads and highways
  • Roads and highways$1.8 million
Interest on debt
2.3%$1.1 million
What's in interest on debtInterest on general debt; interest on water supply debt and 1 more
  • Interest on general debt$696 thousand
  • Interest on water supply debt$421 thousand
  • Interest on gas supply debt$33 thousand
Environment and natural resources
2.1%$1.1 million
What's in environment and natural resourcesNatural resources, farming and conservation
  • Natural resources, farming and conservation$1.1 million
Sent to other local governments
0.2%$78 thousand
What's in sent to other local governmentsSent to local governments: other and not broken out
  • Sent to local governments: other and not broken out$78 thousand
Sources and moreWhere these numbers come from and what they cover

City of Somerset. 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 Somerset 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.