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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

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