From the Lafayette Journal Courier:
"The Tippecanoe County auditor's office last week paid out the 2010 county option income tax settlements, along with the 2011 COIT settlements.
The late settlement for 2010 was due to an oversight by the auditor's office.
Each month, the auditor office receives tax revenue distributions from the state, Tippecanoe County Auditor Jennifer Weston said. For the COIT revenue, the auditor's office figures out the specific amount for each government entity, then distributes 95 percent of the funds to them. At the end of the year, the auditor's office issues a settlement of the withheld 5 percent, Weston said.
In early 2011, the county received a late 2010 distribution from the state. This delayed the work on the 2010 settlement, while at the same time, the staff was bogged down in tax billing and timely completion of the 2010 settlement got lost in the shuffle.
"We missed last year at the end of the year, so we did two years this year," Weston said.
The 2010 and 2011 COIT settlements were sent out last Friday, Weston said.
Lafayette received $427,516.29. Breaking that down, it received a COIT settlement of $237,010.34 for 2010 and $190,505.95 for 2011.
West Lafayette received $74,501.55 for its 2010 COIT settlement and $57,935.96 for its 2011 settlement, for a total of $132,437.51.
Tippecanoe County received a 2010 COIT settlement of $327,617.97 and a 2011 settlement of $258,751.42, putting $586,369.39 into county coffers."
http://www.jconline.com/apps/pbcs.dll/article?AID=2012203160322
