Vermont tax revenues continue positive, modest trend

first_imgSecretary of Administration Neale F Lunderville released the November 2010 General Fund Revenues today. November is the fifth month of fiscal year (FY) 2011. General Fund revenues totaled $73.59 million for November 2010, and were +$2.76 million or +3.90% above the $70.83 million consensus revenue forecast for the month. Year-to-date General Fund performance of $447.52 million was +$16.47 million, or +3.82% ahead of year to date target of $431.05 million.The monthly targets reflect the revised Fiscal Year 2011 Consensus Revenue Forecast approved by the Emergency Board at their July 14, 2010 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. The next Emergency Board meeting will be scheduled for January 2011.Personal Income Tax (PI) receipts are the largest single state revenue source, and are reported Net-of-Personal Income Tax refunds. Personal Income Tax receipts for November were recorded at $33.00 million, or +$1.61 million or +5.12% above the monthly target of $31.40 million. Secretary Lunderville noted that “While Net Personal Income Tax receipts remain above target, the fact that the withholding tax category has underperformed all year is concerning and merits continued review.”Corporate Income Taxes for November are also reported net-of refunds. The November target for Corporate Taxes was a negative -$0.89 million because November generally experiences more refunds than payments and estimated payments. Actual results were negative -$0.42, million with refunds less than anticipated for the month.The consumption taxes experienced mixed results for November; Sales & Use Tax receipts of $16.51 million fell short of the monthly target by -$0.32 million (-1.87%), while Rooms & Meals Tax receipts of $10.65 million exceeded target by +$0.01 million (+0.11%).The year to date results for the four major General Fund categories are as follows: Personal Income Tax, $214.65 million (+0.73%); Sales & Use Tax, $90.24 million (+0.26%); Meals & Rooms Tax, $55.40 million (-0.01%); and Corporate, $26.28 million (+61.74%).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). The results for the month of November were as follows: Insurance Tax, $7.64 million (+18.54%); Estate Tax, $1.47 million (+19.18%); Property Transfer Tax, $0.63 million (-18.50%); and “Other”, $4.10 million (-6.85%). Year to date results for these categories were: Insurance Tax, $16.13 million (+8.28%); Estate Tax, $5.20 million (-20.60%); Property Transfer Tax, $3.45 million (-12.82%); and “Other”, $36.16 million (+17.11%). The majority of the favorable year to date results in the “Other” category were due to the unanticipated Bank Franchise Taxes settlement that occurred in August.Transportation FundSecretary Lunderville also reported on the results for the non-dedicated Transportation Fund Revenue for November. Total non-dedicated Transportation Fund receipts of $16.49 million for the month were above target by +$1.61 million (+10.83%), against the monthly target of $14.88 million. The year to date non-dedicated Transportation revenue was $89.00 million versus the target of $87.82 million (+$1.18 million, +1.34%).Individual Transportation Fund revenue receipts components for November were: Gasoline Tax, $5.18 million or +5.15% ahead of target; Diesel Tax, $1.37 million or +31.85% above target; Motor Vehicle Purchase & Use Tax, $3.66 million or +10.53% above target; Motor Vehicle Fees, $5.01 million or +8.33% ahead of target; and Other Fees, $1.28 million or +29.77% in excess of the monthly target. The November year to date Transportation Fund revenue results were: Gasoline Tax, $26.84 million or -0.11% short of target, Diesel Tax, $6.17 million or +4.35% above target; Motor Vehicle Purchase & Use Tax, $20.40 million or -0.10% below target; Motor Vehicle Fees, $28.62 million or +3.71% above target; and Other Fees, $6.96 million or -0.76% short of target. Secretary Lunderville noted that November was the first month in this fiscal year that all 5 components of the Transportation Fund exceeded the monthly target.Secretary Lunderville also reported on the results for the Transportation Infrastructure Bond Fund (“TIB”). TIB Fund Gas receipts for November were $1.33 million or +5.71% above target; year to date receipts of $7.10 million were +0.20% above target. TIB Fund Diesel receipts were $0.16 million or +29.97% ahead of target for the month; year to date TIB Diesel receipts were $0.72 million or +1.76% above target. TIB Fund receipts are noted below the following table:Education FundThe “non-Property Tax” Education Fund revenues (which constitute approximately 11.9% of the total Education Fund sources) were released today by Secretary Lunderville. The non-Property Tax Education Fund receipts for November totaled $11.94 million, or -$0.05 million (-0.39%) short of the $11.98 million target for the month. Year to date Education Fund revenues were $63.04 million or -0.37% behind the year to date target of $63.27 million.The individual Education Fund revenue component results for November were: Sales & Use Tax, $8.26 million, or -1.87% below target; Motor Vehicle Purchase & Use Tax, $1.83 million or +10.53%; Lottery Transfer, $1.85 million or -0.64%; and Education Fund Interest, under $0.01 million against a target of $0.05 million (-101.42%). Year-to-date results were: Sales & Use Tax, $45.12 million or +0.26%; Motor Vehicle Purchase & Use Tax, $10.20 million or -0.10%; Lottery Transfer, $7.70 million or -3.46%; and Education Fund Interest, $0.02 against a target of $0.08 million (-75.28%).Conclusion“The economic recovery continues its struggle to gain momentum both nationally and here in Vermont,” said Secretary Lunderville. “While we see signs of stabilization in the economy and the promise of economic policy results from Washington D.C., housing remains weak and the November labor picture nationally was disappointing.”“Our continued increases over the FY 2010 year to date results in the General Fund (+6.5%) are due in large part to the one-time revenue activity, as noted in previous reports,” continued Lunderville. “Of the +$16.5 million in over-target revenue for the General Fund, approximately +$12.1 million is attributable to one-time activity.”“Compared to FY 2009, General Fund results remain -1.8% below fiscal year 2009 and -1.6% below fiscal year 2008 for the same five-month period,” said Lunderville. “The current forecast does not project a return to fiscal year 2008 revenue levels until fiscal year 2013.”“Although we do not foresee any dramatic improvement near term, we are pleased to see slight improvement over our current Consensus Forecast.”Source: Lundverville’s office. 12.17.2010last_img read more

Who will be the Next Top Credit Union Executive?

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The time draws near – beginning on May 1 and continuing only for a short time (through May 12), nominations for the 2017 Next Top Credit Union Executive will open. While I understand that many of you reading this no longer consider yourselves “young professionals”, this is definitely something you should pay attention to and participate in. Look around your shop- who on your staff is a bright, shining star? Who is ready to take the credit union world by storm? Who could maybe use a little nudge and a confidence boost to realize their potential, the way you already see it?No matter what stage you are at in your career, as Powerade proudly tells us – We’re all just a kid from somewhere. Where are you from? What has your journey been like? Did you get some lucky breaks or boosts along the way? Did you fight and hustle for every opportunity and next step? I guarantee you, we all have players on our credit union teams who are ready to take an opportunity like NTCUE by storm – perhaps surprising you, perhaps surprising themselves – but hungry for the chance.Why nominate someone for NTCUE? There isn’t a better opportunity in credit union land for young talent to be groomed and readied for future leadership. Along the process of NTCUE, participants have an opportunity for one-on-one coaching from DDJ Myers, a leading Talent Development firm within our industry. Participants will flex several communication muscles and will step outside their comfort zone, developing a project and then telling the world about it via video, articles, and presentations. Worst case? Someone in your credit union now has a project that will likely have a strong impact on your organization, a project that they are excited about and committed to. Best case? That same someone could advance through all stages of the competition, gaining coaching, expanding their network, and fine-tuning their project along the way. Ultimate case? That someone wins the whole shooting match, and ultimately gets a prize package valued at over $20,000 – including years one and two of the CUES CEO Institute. None of this costs your credit union a dime (until year three of the CEO Institute). A pretty cheap investment to have a Certified Chief Executive on your staff, yes? continue reading »last_img read more

10 Long Island-Themed Gifts To Give This Holiday

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Gift-buying for the winter holidays is in full swing. This season, why not show off a little Long Island pride?Help the proud Long Islander in your family express their love for the region with one of these unique Long Island-themed gifts for all ages.PARKWAY COASTERSEtsy seller YaDontSayThatCoThese hand-painted coasters mimic signs for the Meadowbrook Parkway, Wantagh Parkway, Ocean Parkway, and Robert Moses Causeway. $12-$32. etsy.comLONG ISLAND KEYCHAINIf you have a low budget, fret not. These cute, Long Island-shaped keychains are great for any LI lover. They’re made of resin and sand, and they come in six different colors and two sizes. $1-$3. etsy.comLONG ISLAND “HOME” WREATHEtsy seller TheOrangeElephant28This handmade wreath made from a 12-inch embroidery hoop and fabric would look great in any Long Island family’s home. $20. etsy.comTOTAL BAMBOO LONG ISLAND CUTTING BOARDGet the cook in the family or your favorite chef friend this bamboo cutting board. It’s shaped like Long Island and has many different town names and doodles on it. $29.99 bedbathandbeyond.comLONG ISLAND BABY ONESIEEtsy seller WKNDoutpostShopping for a baby? Get them this adorable Long Island baby onesie – aw, look, the baby bottle is the lighthouse! $22. etsy.comSEASHELL CHRISTMAS ORNAMENTAdd some beachy vibes to your Christmas tree with this seashell ornament. The artist can customize it and write your Long Island town name on the front. $28. etsy.comABCs OF LONG ISLAND BOOKI Lost My Dog Art & FrameThis children’s book will teach your kids all about Long Island destinations and culture. Local artist James McDonald created it and sells them online and at his Rockville Centre art and frame shop. $19.95 ilostmydog.comHOMESICK LONG ISLAND CANDLEMaybe you have a loved one from Long Island who moved away and can’t come home for the holidays this year. Well, here’s the perfect gift to ship on over to them: a candle that tries to replicate Long Island’s smell with clean ocean air, jasmine blossom, and apple tree scents. $34. homesick.comFIRE ISLAND LIGHTHOUSE PAINTINGThis watercolor painting of the Fire Island lighthouse painting is a great, thoughtful gift. It also comes in a postcard that you can send in the mail to a long-distance loved one! $22.50 etsy.comCUSTOM VINTAGE MAP JEWELRYEtsy seller SterlingQuestThis Etsy seller allows you to customize your jewelry so you can hold a portion of any place on Long Island close to your heart. $24.99. etsy.comSign up for Long Island Press’ email newsletters here. Sign up for home delivery of Long Island Press here. Sign up for discounts by becoming a Long Island Press community partner here.last_img read more