Stonecrest could get pinch in coal-severance shortfall
Receipts are coming up short in Floyd County coal severance projections, and one large Prestonsburg project may feel the bite.
According to Amy Barnes, manager of the Department for Local Government’s Coal Development and Multi-County Project Branch, Floyd County receipts do not add up to projected income for coal severance tax for 2013. “The situation is the line items that were passed on projection,” Barnes said. “The receipts have come in less.”
Times staff started looking into the coal severance funding after it was suggested that the new clubhouse at Stonecrest Golf Course had lost its funding.
Barnes says that right now, the county has enough in coal severance dollars to fund 59 of it’s 60 projects presented as line items for 2013. Barnes said it is estimated that the 60th project may receive partial funding after the April receipts come in, though she could not quantify what “partial” means. “It depends on what the April deposit is.”
Magistrate John Goble said the problem is that Floyd County is not producing the coal it used to. “We get probably 50 percent (coal severance) of what we used to,” Goble said.
Goble says he doesn’t believe the county will fall short. He says that the county actually has more mines operational this year than the previous year.
The county prioritizes its coal severance spending in July, when it gets its list of approved projects. This year’s projects were prioritized as follows:
According to Barnes, while 2013 money is mostly secured, 2014 is another matter. Barnes said her office cannot make projections about 2014, but she did say, “Based on trends, revenue is down.”
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