Vermont budget cuts keep revenues ahead of projections

first_imgSecretary of Administration Neale F. Lunderville has released General Fund revenue results for the month of July, the first month of Fiscal Year 2010. General Fund revenues totaled $83.54 million for July 2009, +$0.62 million or +0.75% above the $82.91 million consensus revenue forecast for the month and year-to-date.“While the General Fund finished above target for the first month of the new fiscal year (FY 2010), this was achieved only after the FY 2010 target was reduced on July 16th,” said Secretary Lunderville. “The pattern of quarterly reductions that we saw throughout FY 2009 has continued into the new fiscal year,” said Lunderville.The monthly targets reflect the recently revised Fiscal Year 2010 Consensus Revenue Forecast that was adjusted downward by the Emergency Board on July 16, 2009. The State’s Consensus Revenue Forecast is normally updated two times per year in January and July. However, with the unstable economic situation, the Emergency Board has been scheduling interim revenue reviews. The next consensus forecast is scheduled to be reviewed by the Emergency Board in mid-November, 2009.Personal Income Tax receipts are the largest single state revenue source, and are reported Net-of-Personal Income Tax refunds. Personal Income Tax receipts for July were $45.35 million, +$1.51 million or +3.44% ahead of the monthly target. Sales & Use Tax fell short of target by -$0.06 million (-0.33%) and Rooms & Meals Tax was +$0.40 million (+4.32%) above target for July. Corporate Income Tax receipts of $0.90 million significantly fell below target for the month by -$0.99 million or -52.42%.The remaining tax components include Insurance, Inheritance & Estate Tax, Real Property Transfer Tax, and “Other” (which includes: Bank Franchise Tax, Telephone Tax, Liquor Tax, Beverage tax, Fees, and Other Taxes). Results for July were as follows: Insurance Tax, $0.36 million (-6.44%); Estate Tax, +$0.46 million (+43.74%); Property Transfer Tax, +$0.06 million (+9.26%); and other, -$0.72 million (-10.28%).Transportation FundSecretary Lunderville also reported on the results for the non-dedicated Transportation Fund Revenue, revenue of $15.99 million for the month or -$0.45 million (-2.73%), below the monthly target for July. Revenue from the Gasoline Tax, Diesel Tax and Motor Vehicle Purchase & Use Tax were all below target for the month of July, while Motor Vehicle Fees and Other Fees were both above target. The Transportation Fund revenue results for July were: Gasoline, $5.26 million or -13.68% below target; Diesel Tax, $0.54 million or -13.20% below target; Motor Vehicle Purchase & Use Tax, $2.97 million or -0.79% below target; Motor Vehicle Fees, $5.77 million or +5.48% above target; and Other Fees, $1.45 million or +15.23% above the monthly target.Education FundSecretary Lunderville released revenue results for the “the non-Property Tax” Education Fund revenues (which constitute approximately 11% of the total Education Fund receipts). “The Education Fund receipts totaled $11.88 million for the month of July, or -$0.43 million (-0.36%) below the $11.92 million consensus revenue target for the month. The Education Fund revenue results for July were: Sales & Use Tax, $9.39 or -0.33%; Motor Vehicle Purchase & Use Tax, $1.49 million or -0.76%; and Lottery Transfer, $1.0 million – which was exactly on target. There was no Education Fund Interest targeted or recorded for July.ConclusionSecretary Lunderville concluded that “July is normally a relatively low revenue month and is historically a poor predictor of the year to come as a whole. However, it is important to note that the July 2009 revenue receipts for each of the three major funds fell well below the corresponding receipts for July 2008 as follows: General Fund, -13.58%; Transportation Fund, -2.27%; and Education Fund, -9.46%. We cannot be certain when we will reach the bottom of this recession and begin a genuine recovery. We continue to be vigilant for future revenue declines,” said Lunderville. Source: Secretary Lunderville’s office. August 14, 2009.last_img read more

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JOY FOR HARPS FANS AS KEY DEFENDER AGREES TO SIGN ON FOR NEW SEASON

first_imgKeith Cowan has agreed to re-join Finn Harps.Finn Harps fans will be delighted to learn that their defensive lynchpin from last season Keith Cowan has agreed to sign on for the forthcoming 2016 Premier Division campaign.Cowan has been a mainstay in the Harps defence over the last number of seasons – and played a pivotal role in helping the club secure a return to the top-flight.He had been in negotiations with manager Ollie Horgan prior to Christmas but the pair initially failed to come to an agreement. However, that has now been resolved and Keith is expected to be unveiled as Harps latest signing.The announcement is expected to made at the club’s main sponsors McGettigan’s Bar later this evening.Horgan has admitted he has found it difficult to attract new players to the club thus far, but is hopeful of adding TWO new players who have not previously played with the club before.JOY FOR HARPS FANS AS KEY DEFENDER AGREES TO SIGN ON FOR NEW SEASON was last modified: January 10th, 2016 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Read more on JOY FOR HARPS FANS AS KEY DEFENDER AGREES TO SIGN ON FOR NEW SEASON