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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Bennett wins third of season at Boone

first_imgBOONE, Iowa (May 21) – It was a night of first wins as well as repeats at Boone Speedway on a beautiful Saturday night for racing.Kyle Brown found his way to victory lane for the first time locally in the Xtreme Motor Sports IMCA Mod­ified division. Brandon Williams in the Karl Chevrolet Northern SportMod division and Donavon Smith in the IMCA Sunoco Stock Cars both scored their second wins of the year.  Solomon Bennett snagged win number three in the IMCA Sunoco Hobby Stocks.Bennett made his way around Seth Janssen at lap five of the 12-lap Hobby Stock feature and pulled away for a comfortable win. Janssen held on to the runner-up spot, ahead of Dave Rieks in third.  Aaron Rudolph held back Chad LeGere as they went fourth and fifth.Matt West and Michael Murphy battled for the lead for much of the Stock Car race with Smith throw­ing his hat into the ring late in the race.  Smith, who had started 11th on the field, was able to make the pass into the lead on the final lap, and get to the checkers first for the win.  Murphy took the runner-up spot, followed by West in third. Trent Murphy moved from tenth starting to take fourth and Rod Richards was fifth.Williams also returned to victory lane, in the Northern SportMods. Williams battled with leader Chad Ryerson from just past the halfway mark of the 18-lap event and finally made it into the lead with two laps remaining. He held that lead the rest of the way to the checkers.  Randy Roberts got by Ryerson in the final laps as they finished second and third, respectively.  Fourth place finisher was Johnathon Logue and Daniel Tasler rounded out the top five.Brown put his no. 21K machine to the front at the drop of the green and led all 20 laps on the way to the Modified win.  Brown couldn’t shake Joel Bushore as he hung close the entire race but had to settle for the runner-up spot. Last week’s winner and track point leader Mike Van Genderen, got around Scott Davis in the closing laps as they finished third and fourth, respectively.  Eric El­liott completed the top five.last_img read more

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Keita, Cooney shine off bench in Syracuse’s 58-55 overtime win against Georgetown in Big East semifinal

first_img Related Stories Gallery: Syracuse vs. Georgetown Big East semifinalsGRAND FINALE: Syracuse closes out Big East Georgetown rivalry on top, outlasts Hoyas in overtime triumphSyracuse shuts down Porter in win over Georgetown in Big East semifinals Published on March 16, 2013 at 12:36 am Contact Chris: cjiseman@syr.edu | @chris_iseman Facebook Twitter Google+center_img NEW YORK – They came off the bench as two unsuspecting plugs in Syracuse’s lineup. Trevor Cooney and Baye Moussa Keita weren’t the names expected to lift the Orange to a gritty overtime win over rival Georgetown in the Big East tournament semifinals.Each of them, though, ended up performing in ways they hadn’t all year under the bright lights of Madison Square Garden.Cooney and Keita finished with games that left even their teammates in awe, helping send the Orange to a 58-55 overtime win over the Hoyas. Cooney found his stroke that eluded him for much of the season, finishing with 10 points on 4-of-6 shooting, including two huge 3-pointers in the first half. Keita, meanwhile, was swift under the basket and poised at the free-throw line. He scored 13 points, and hit all seven of his free-throw attempts, including four in the final four minutes of regulation.“Baye was just unbelievable tonight,” head coach Jim Boeheim said. “And Trevor Cooney, he struggled this year, but we know he can shoot. We have faith in him.”Cooney had one 3-pointer in his last 10 games, and it came against Marquette back on Feb. 25. Coming into the season, Cooney was expected to be a weapon on the arc. Instead he played sporadically and never warmed up on the perimeter.AdvertisementThis is placeholder textUntil Friday.He hit a jumper from the left corner just over eight minutes into the game. It was nice, but it wasn’t a 3.That wouldn’t come for about another five minutes. Stationed on the left wing, he took a pass from Brandon Triche that swished through the net to give Syracuse a 20-17 lead.It gave Cooney the jolt of confidence he needed.“The first one was nice, but once I hit the 3 that was big-time,” Cooney said. “That definitely added a lot of confidence to me, which was good.”Cooney said it felt like practice. He said he’s been trying to change his mindset, working to stay calm coming into each game. When emotions peaked, Cooney was at his calmest.Three minutes later, he hit another 3-pointer from the right corner. On Syracuse’s next possession, he made a backdoor cut into Georgetown’s defense and took a pass from Keita for the layup.Cooney led all scorers with 10 points at halftime.“It was incredible, honestly,” guard Brandon Triche said. “I wouldn’t mind just sitting on the bench if he’s going to play like that. If he’s knocking down shots, getting rebounds, it definitely inspired me to go out there and give the same energy that he gave us.”But while Cooney lifted Syracuse from the outside, Keita went to work on the inside.Keita was matched up with Hoyas forward Nate Lubick, who had a 20-pound advantage on him. The paint was continuously clogged, but Keita used his quickness to his advantage.With just over nine minutes left in regulation, C.J. Fair missed a transition jumper from the lane. Keita was right behind him, grabbed the rebound and nailed the putback jumper to make it 45-37 Syracuse.“Tonight was a night to make a statement that we’re going to play hard and make sure, we knew the game was going to be close,” Keita said, “but we’re going to make sure we won this game.”In overtime, Syracuse guard Michael Carter-Williams missed a fast-break layup. Keita was right there to get the putback to give Syracuse a 55-51 lead.Perhaps his finest work came at the free-throw line. Keita had only taken six free throws in his last 11 games. But seemingly all seven he hit on Thursday came at critical points.His final two came after Carter-Williams missed a jumper and Keita gobbled up the rebound. In the process, he drew a foul from Georgetown guard Jabril Trawick. With the score tied at 49, Keita stepped to the free-throw line and coolly nailed both.“I think I was just more comfortable on the line tonight,” Keita said. “I think that made a big difference.”Cooney and Keita came up with key plays at both ends of the floor and combined for 23 points – 40 percent of SU’s total.“It was great. They were great tonight and they were a big part of our team,” Carter-Williams said. “To have them is unbelievable.” Commentslast_img read more

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