1 Jan

General Fund tax revenues exceed targets for March, Transpo still down

first_imgSecretary of Administration Neale F Lunderville announced today that Vermont s General and Education Funds were above target and the Transportation Fund was below target for the March. General Fund revenues exceeded target for the month as compared to the consensus revenue target revised in mid-January. The General Fund revenues of $69.91 million for the month of March 2009 were +$7.75 million or +12.47% above the $62.16 million consensus revenue forecast for the month. Year-to-date, General Fund revenues of $805.14 million remain below the forecast by -$3.38 million or -0.42% for FY 2009. The March results in the General Fund were better than expected, resulting in the General Fund closing a significant portion of the negative accumulation behind target forecast that was presented at the end of February. These favorable results for March were driven largely by Corporate Income Tax receipts, which have a March 15th filing deadline, and one-time proceeds from a legal settlement. However, virtually all economic indicators remain negative, meaning that the risk is all on the downside, said Secretary Lunderville.The monthly targets reflect the most recent FY 2009 consensus revenue forecast that was agreed to by the Emergency Board on January 13, 2009. The state s consensus revenue forecast is normally updated two times per year in January and July. However, with the downturn in the national and regional economy, the Emergency Board has been scheduling interim revenue reviews. The next consensus forecast is scheduled to be reviewed by the Emergency Board on April 24, 2009. Personal Income Tax receipts are the largest single state revenue source, and are reported Net of Personal Income Tax refunds. Different types of Personal Income Tax (PI) payments and refunds are included in this category such as: PI Withheld, PI Estimates, PI Refunds, PI Paid Returns, and PI Other . Net Personal Income Tax Receipts for March were mixed, with Withholding and Paid Returns exceeding the monthly target, while Estimates, Refunds, and Other fell below target. Net Personal Income Tax results of $8.18 million were -$0.68 million or -7.71% below the March target of $8.86 million. Year-to-date, the net Personal Income Tax results of $369.15 million were -$8.31 million or -2.20% below the target of $377.46 million.Corporate Tax receipts are also reported net of refunds. Corporate Income Tax revenue results for March were $16.89 million versus the monthly target of $9.97 million, or +$6.92 million (+69.37%) above for the month. Year-to-date, Corporate Income Tax receipts of $43.99 million were +$7.46 million or +20.41% above the target of $36.53 million.For the month, receipts for the consumption taxes (Sales & Use Tax and Meals & Rooms Tax) appear to reflect the reduced spending levels that are being seen nationwide. Consumers are being very cautious with whatever disposable income they may still have in the face of job losses and the weak economy. Sales & Use Tax receipts of $15.01 million fell below target by -$0.15 million or -0.99%, and Rooms & Meals Tax receipts of $10.76 fell short of the target by -$1.23 million or -10.26%. Year-to-date, Sales & Use Tax was $166.55 million (-$0.25 million, -0.15%) and Rooms & Meals Tax receipts were $92.99 million (-$1.69 million, -1.79%).The remaining components of the General Fund revenue were below target for the month, except Other . The non-major tax component results for the month were: Insurance Premium, $5.98 million (-$0.68 million, -10.21%); Inheritance/Estate Tax, $0.95 million (-$0.57 million, -37.46%); Real Property Transfer Tax $0.38 million (-$0.13 million, -25.24%); and Other, $11.76 million (+$4.27 million, +57.01%). Year-to-date results for these components were: Insurance Premium, $46.78 million (-6.32%); Inheritance/Estate Tax, $7.59 million (-5.10%); Real Property Transfer Tax, $6.95 million (-2.87%); and Other , $71.14 (+4.66%).Transportation FundThe non-dedicated Transportation Fund revenue results were also released today by Secretary Lunderville. Transportation Fund receipts for the month were $17.59 million, -$0.40 or -2.23% below the March target of $17.99 million. Year-to-date, the Transportation Fund revenues remain below the year-to-date consensus target at $145.27 million (-$2.35 million, -1.59%). The results for the Transportation Fund revenue components were mixed for the month, with Gasoline Tax and Motor Vehicle Purchase & Use Tax results above target, while Diesel Fuel Tax, Motor Vehicle Fees, and Other fell below target. The components of the Transportation Fund revenue for the month were: Gasoline Tax, $5.45 million (+4.01%); Diesel Tax, $1.13 million (-26.37%); Motor Vehicle Purchase & Use Tax, $3.39 million (+6.70%); Motor Vehicle Fees, $6.00million (-2.48%); and Other , $1.62 million (-12.10%). Year-to-date, the Transportation Fund revenue components for March were: Gasoline Tax, $46.14 million (-0.26%); Diesel Tax, $11.06 million (-6.70%); Motor Vehicle Purchase & Use Tax, $30.69 million (-1.72%); Motor Vehicle Fees, $44.51 million (-0.96%); and Other , $12.87 million (-3.48%).Education FundNon-Property Tax Education Fund revenue receipts of $10.52 million were released by SecretaryLunderville today; these receipts are +$0.05 million (+0.50%) above the March monthly target of $10.47 million. Non-Property Tax Education Fund revenues constitute approximately 12% of the total Education Fund receipts. Year-to-date, non-Property Tax Education Fund revenues are essentially on target at $112.61 million or +$0.16 million (+0.14%).The results for the components of the non-Property Tax Education revenue for March were mixed: Sales & Use Tax, $7.51 million (-0.96%); Motor Vehicle Purchase & Use, $1.69 million (+6.73%); Lottery Transfer, $1.31 million (-18.51%); and Investment Income, $0.01 (-101.50%). Year-to-date results were: Sales & Use Tax, $83.28 million (-0.15%); Motor Vehicle Purchase & Use, $15.34 million (-1.72%); Lottery Transfer, $13.76 million (-4.74%); and Investment Income, $0.23 million (-122.30%).ConclusionSecretary Lunderville said that, With the unemployment rate rising, with the continued decline in the housing, auto and retail markets, and with no clear indication of where the bottom of this recession may be, we can expect another reduction in the Consensus Revenue forecast for FY 2009 at the April Emergency Board meeting on April 24th.Lunderville continued, We have entered a period of economic contraction that will affect state revenues for many years to come. Even when we begin to grow out of this recession, we should not expect revenues to bounce back at the same pace; revenue growth will lag recovery. For this reason, we must guard against reliance on one-time federal recovery funds. The American Recovery and Reinvestment Act (ARRA) money will last only through September 30, 2010. We should use the federal money for job creation activities and, where necessary, to bridge the shortterm recessionary gap not to grow state government to levels that cannot be sustained beyond the federal stimulus period.last_img read more

16 Aug

Sports symposium ”Simposar 2013” will start today in Sarajevo

first_imgFrom 31 January to 2 February in Sarajevo, second Sports symposium ”Simposar 2013” will be held, reports FENA.Prominent names from BiH, region and Europe such as Mehmed Baždarević, Predrag Pašić, Nebojša Popović, Igor Štimac, Neven Spahija, Miroslav Blažević, Jean Tigana, dr. Ismet Gavrankapetanović and professor Jasna Bajraktarević have announced their participation.According to manager of Simposar Sabahudin Topalbećirević, Dejan Savičević, Dragan Kićanović, Alen Bokšić, Zdravko Mamić, Ivica Osim, Mišo Smajlović, Safet Sušić, Elvir Baljić, Elvir Bolić, Damir Mršić, Husref ,Vahidin Musemić, Samir Avdić, Vedin Musić, Duško Vujošević and others will be in the audience.The opening ceremony will be held at 4 p.m., and afterwards there will be a lecture by Nebojša Popovac, Ismet Gavrankapetanović and Igor Štimac.Second day of ”Simposar 2013” will start with the lecture by Jasna Bajraktarević, and afterwards there will be a lecture by Mateo Beusan and Neven Spahija.Predrag Pašić will open the third day of symposium with a lecture on ”Football and work with youth”, followed by lectures of Mehmed Baždarević, Mirosalv Blažević and Jean Tigana.The symposium will close on Saturday at 9 p.m.last_img read more