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first_imgNicholas ChristakisProfessor of Sociology (FAS) andProfessor of Medical Sociology (Harvard Medical School) andand Professor of Medicine (Harvard Medical School)last_img


first_imgGeneral Fund revenues totaled $161.67 million for April 2011, and were $10.26 million or 6.78 percent above the $151.41 million consensus revenue forecast for the month. April year to date General Fund Revenues were $975.00 million or $11.91 million or 1.24 percent ahead of target. Compared to the same period for the prior fiscal year, FY 2011 GF results are 10.38 percent ahead of FY 2010, but remain below the pre-recession FY 2008 results by -5.29 percent. Secretary of Administration Jeb Spaulding released the April 2011 General Fund Revenue results today. April is the tenth month of fiscal year (FY) 2011.Secretary Spaulding said, ‘With two months remaining in the current fiscal year, we are hopeful that we will be able to maintain our above target results through the end of the year. We do, however, recognize that external events, such as the escalation in fuel prices or adverse weather impacts, could dampen the pace of economic recovery and affect our revenues. We caution against concluding, at this point, that revenues for the next fiscal year will be ahead of target.’”We are especially pleased to see the rebound in net Corporate Tax receipts… We are cognizant that external events, such as the escalation in fuel prices or adverse weather impacts, could dampen the pace of the economic recovery and caution against concluding, at this point, that revenues for the next fiscal year will be ahead of target.”Current targets reflect the Fiscal Year 2011 Consensus Revenue Forecast adopted by the Emergency Board at their January 14, 2011 meeting. Statutorily, the State is required to revise the Consensus Revenue Forecast two times per year, in January and July; the Emergency Board may schedule interim revisions if deemed necessary. Personal Income Tax (PI) receipts are the largest single state revenue source, and are reported Net-of- Personal Income Tax refunds. Net Personal Income Tax is comprised of PI Withholding Tax, PI Estimated Payments, PI Refunds Paid, and PI Other. PI Withholdings less PI Refunds accounts for more than 60 percent of the annual net Personal Income Tax receipts. About 20 percent of all net PI receipts occur in the month of April, about double of the receipts for any other month. Favorable net PI Receipts for Page 2 of 8 April were recorded at $109.56 million, $1.18 million or 1.09 percent ahead of the monthly target of $108.38 million. Year to date PI receipts were $463.23 million, or 0.58 percent above target.Corporate Income Taxes for April are also reported net-of refunds. April Corporate receipts of $13.12 million, or $6.29 million or 92.04 percent above the monthly target of $6.83 million rebounded from the disappointing prior month results. Year to date Corporate Income Tax receipts of $75.54 million were ahead of target by 7.99 percent.All four of the Corporate Income Tax components were above target for April, with Corporate Estimates Paid seeing the largest favorable result. Secretary Spaulding said, ‘We are relieved that April net Corporate Tax receipts rebounded bringing us slightly over the year to date target.’ The consumption taxes results for April were mixed: Sales & Use Tax receipts of $19.15 million exceeded the monthly target by $1.74 million (9.98 percent); Rooms & Meals Tax receipts of $10.08 million fell below target by -$0.10 million (-0.98 percent). On a year to date basis, the consumption taxes mirrored the mixed results for the month: Sales & Use Tax, $184.37 million (0.81 percent); Meals & Room Tax, $106.46 million (-0.14 percent).The remaining non-major 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).Gross Estate Tax receipts for the month of April resulted in year to date Estate Tax receipts of $33.36 million, exceeding target by more than 125 percent. In accordance with statute (16 V.S.A. §2885 (a)(2)), Estate Tax receipts above 125 percent of target are transferred to the Higher Education Trust Fund (HETF) for scholarships to Vermont Students at Vermont institutions of Higher Education. Therefore, the monthly and year to date Estate Tax revenues shown in the chart below have been restated down by the $12.36 million estimated excess as not being available to the General Fund.Secretary Spaulding noted, ‘As part of an overall effort to rebuild reserve funds to address potential severe federal reductions in FY 12, the Governor and Legislature have provided that this year only the first $11 million over the 125 percent threshold will be transferred to the Higher Education Trust Fund and the remainder will be added to a revenue shortfall reserve. That will likely add another $3 million or so to act as a buffer against some possible federal cutbacks.’The results for the remaining non-major categories for April were as follows: Insurance Tax, $0.26 million (97.10 percent); Property Transfer Tax, $0.57 million (-10.28 percent); and ‘Other’, $8.67 million (27.24 percent). Year to date results for these categories were: Insurance Tax, $47.75 million (1.33 percent); Property Transfer Tax, $6.80 million (5.67 percent); and ‘Other’, $67.56 million (- 1.63 percent). Transportation FundSecretary Spaulding also reported on the results for the non-dedicated Transportation Fund Revenue for April. Total non-dedicated Transportation Fund receipts of $19.31 million for the month fell slightly below target by -$0.03 million (-0.15 percent), against the monthly target of $19.34 million. The year to date non-dedicated Transportation revenue was $173.86 million versus the target of $173.55 million ($0.31 million, 0.18 percent).Individual Transportation Fund revenue receipts components for April were: Gasoline Tax, $4.67 million or -0.34 percent behind target; Diesel Tax, $1.11 million or -10.01 percent short of target; Motor Vehicle Purchase & Use Tax, $4.97 million or 6.94 percent above target; Motor Vehicle Fees, $6.94 million or -3.82 percent below target; and Other Fees, $1.61 million or 4.06 percent above the monthly target. The April year to date Transportation Fund revenue results were: Gasoline Tax, $51.03 million or -0.51 percent short of target, Diesel Tax, $12.35 million or -0.77 percent below target; Motor Vehicle Purchase & Use Tax, $39.78 million or 2.47 percent ahead of target; Motor Vehicle Fees, $56.20 million or -0.92 percent behind target; and Other Fees, $14.51 million or 1.64 percent above target.Secretary Spaulding said, ‘The Transportation Fund overall is still on target, albeit we are concerned that the escalating fuel prices will negatively impact miles driven and therefore gas and diesel tax receipts could potentially decline.’The Secretary also reported on the results for the Transportation Infrastructure Bond Fund (’TIB’). TIB Fund Gas receipts for April were $1.28 million or -2.91 percent below target; year to date receipts of $13.48 million were -1.36 percent short of target. TIB Fund Diesel receipts were $0.13 million or -18.69 percent behind the monthly target; year to date TIB Diesel receipts were $1.47 million or -2.86 percent short of target. TIB Fund receipts are noted below the following table: Education FundThe ‘non-Property Tax’ Education Fund revenues (which constitute approximately 11.9 percent of the total Education Fund sources) were released today by Secretary Spaulding. The non-Property Tax Education Fund receipts for April totaled $13.79 million, or $0.82 million (6.30 percent) ahead of the $12.97 million target for the month. Year to date Education Fund revenues were $128.35 million or 0.63 percent ahead of the year to date target of $127.54 million.The Secretary commented that, ‘All of the individual Education Fund revenue components were ahead of target except Lottery receipts; Lottery receipts have below target performance in three of the last four months.’ The individual Education Fund revenue component results for April were: Sales & Use Tax, $9.57 million, or 9.98 percent ahead of target; Motor Vehicle Purchase & Use Tax, $2.48 million or 6.95 percent; Lottery Transfer, $1.72 million or -11.19 percent; and Education Fund Interest, under $0.01 million against a target of under $0.01 million (170.13 percent). Year to date results were: Sales & Use Tax, $92.19 million (0.81 percent)`; Motor Vehicle Purchase & Use Tax, $19.89 million (2.47 percent); Lottery Transfer, $16.23 million (-2.29 percent); and Education Fund Interest, $0.05 against a target of $0.08 million (-43.03 percent).ConclusionSecretary Spaulding concluded, ‘We are especially pleased to see the rebound in net Corporate Tax receipts. With two months remaining in the current fiscal year, we are hopeful that we will be able to maintain our above target results in the General Fund and be very close to target for the Transportation and Education Funds. We are cognizant that external events, such as the escalation in fuel prices or adverse weather impacts, could dampen the pace of the economic recovery and caution against concluding, at this point, that revenues for the next fiscal year will be ahead of target.’last_img

first_img Dodgers hit seven home runs, sweep Colorado Rockies Cody Bellinger homer gives Dodgers their first walkoff win of season Newsroom GuidelinesNews TipsContact UsReport an Error How Dodgers pitcher Ross Stripling topped the baseball podcast empire “Obviously their backs are against the wall, and they feel it’s the best chance to give them a chance to win tomorrow,” Roberts said. “He’s had success against us.”Roberts has platooned aggressively against right- and left-handed starting pitchers over the past two months. But he said he might go all in on a right-handed lineup against Newcomb because “I don’t know what to expect of his length tomorrow.” The Braves could switch to a right-hander like Gausman or Julio Teheran early.The Dodgers will start rookie right-hander Walker Buehler on Sunday. Buehler has a 1.55 ERA over his past 12 starts, holding batters to a .158 average in that time.Related Articles ATLANTA — Somewhere over Nevada or maybe Utah, the Atlanta Braves decided to go left.Before Game 2 in Los Angeles on Friday, Braves manager Brian Snitker said the team was leaning toward starting right-hander Kevin Gausman against the Dodgers in Game 3 of their National League Division Series on Sunday.On the flight back to Atlanta, however, Snitker told left-hander Sean Newcomb that he might get the start. GM Alex Anthopoulous and staff, plus Snitker and the coaching staff, discussed the starting pitching choice Saturday afternoon and landed on Newcomb, not Gausman.“We had discussed other options after the game last night, and we all got together this afternoon,” Snitker said. “You know, the situation is kind of dire right now. We need to win. And not that Gausman doesn’t give us that opportunity. We like how Newcomb matches up with them and the success that he’s had against the Dodgers this year. Dodgers’ Max Muncy trying to work his way out of slow start Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco “So we’re going to let Newcomb get the thing off the ground. … I told him that we need you to get this thing off the ground. You don’t need to take a no-hitter into the ninth inning with a strike left or whatever. We just want to get this thing flying and be all hands on deck.”Newcomb fell one out short of pitching a no-hitter when he faced the Dodgers in Atlanta in July. Snitker left him in to throw 134 pitches that day and Newcomb did not pitch well in the final two months of the regular season, posting a 5.68 ERA in his final 10 appearances (nine starts). He did finish the season with a 12-9 record and 3.90 ERA and pitched two scoreless innings against the Dodgers in Game 1 of this NLDS.“They got really better against lefties,” Snitker said. “When they got (Manny) Machado and then (Justin) Turner comes back in the lineup.“I think (the decision was based) more so Newcomb’s had some success against them. The start here obviously, the two innings in relief were really good, were strong. It’s kind of like he’s thrown better recently than he had all September. … The way he’s throwing right now is kind of how we remembered in stretches all year.”Dodgers manager Dave Roberts said he was “surprised” by the Braves’ decision Saturday.last_img read more