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

Francis takes surprise 400m gold as Miller-Uibo stumbles

first_imgBy Mitch PhillipsLONDON, England (Reuters) – American Phyllis Francis won a surprise World Championships 400 metres gold yesterday as Olympic champion Shaunae Miller-Uibo inexplicably stumbled when seemingly certain of victory and dropped to fifth place.Francis looked out of it with 80 metres to go but maintained her form amid the carnage to post a personal best time of 49.92 seconds and take a shock gold medal even though she had no idea she had won.Bahrain’s Salwa Eid Naser, 19, claimed a brilliant silver in 50.06, her third national record this week, as defending champion Allyson Felix of the United States faded to get bronze in 50.08.Bahamian Miller-Uibo, who famously dived over the line to pip Felix to Olympic gold last year, was clear with less than 20 metres left but as she tired and tied up she tripped on her own foot, stumbling almost to a standstill as her rivals stormed past her.It was an incredible finale to a race that had appeared to be going to form for the first 300 metres. Felix looked her usual smooth self despite the sodden track and had made up the stagger on Francis a lane outside her by the end of the first bend.However, she did not come off the final bend with her usual authority and Miller-Uibo took it up and surged ahead into the final straight.The title seemed secure as Felix began to fade further but Miller-Uibo then lost her form in the most dramatic style. Her legs seemed to stiffen, perhaps through cramp, and became entangled. As she virtually stopped running, the fast-finishing Francis, Naser, Felix and fourth-placed Shericka Jackson of Jamaica all surged past.“I am so excited. It is such an amazing feeling, being world champion sounds pretty cool,” said Francis, who finished fifth in the Rio Olympic final.“This win has not hit me yet, but I guess tomorrow when I will wake up.“Allyson and Shaunae are amazing finishers but when I went down the home straight I just believed in myself and stayed patient. I just knew what I was capable of doing, so I stuck to my race model.“At the finish line I was surprised, I thought I was second or third, but then they told me ‘you are first’. That is crazy.”American former 400 and 200m world champion Michael Johnson, working as a pundit for the BBC, was as stunned by what unfolded as everyone else in the 55 000 crowd.“I have never seen anything like that,” he said. “At the 200m mark it looked like it was shaping up to be a great race. When an athlete pulls up and jumps in the air like that, it is normally a hamstring strain.”Felix’s bronze took her world championship medal haul to 14, matching the record of Jamaican sprinters Usain Bolt and Merlene Ottey. The American’s tally includes nine gold.last_img read more

Indian boxers win 15 medals, including 5 gold at Asian Youth Championship

first_img First Published: 17th November, 2019 20:49 IST Written By LIVE TV FOLLOW US Last Updated: 17th November, 2019 20:49 IST Indian Boxers Win 15 Medals, Including 5 Gold At Asian Youth Championship Indian boxers clinched five gold medals to finish their campaign on a high with a rich haul of 12 medals at the ASBC Asian Youth Men and Women Boxing C’ships. COMMENT 10 months ago WATCH: Mike Tyson teaches UFC contender Francis Ngannou boxing moves WATCH US LIVE Indian boxers clinched five gold medals to finish their campaign on a high with a rich haul of 12 medals at the ASBC Asian Youth Men and Women Boxing Championships in Ulaanbaatar, Mongolia on Sunday. READ: Eddie Guerrero Tribute: When John Cena won everyone’s hearts with this kind gestureREAD: India record best-ever medal haul in World Para Athletics ChampionshipA flawless final day for the women pugilistsThe final day turned out to be flawless for the women pugilists, who won all five gold on offer while the men had to be content with a couple of silver medals. Babyrojisana Naorem Chanu (51kg) and Sanamacha Chanu Thokchom (75kg), both hailing from Manipur, finished on the top podium along with Rohtak’s Vinka (64kg) and Sushma (81kg), apart from Hisar’s Poonam (54kg). Among the men, Selay Soy (49kg) and Ankit Narwal (60kg) settled for silver. The Manipur girls, both of whom train at MC Mary Kom’s academy, did not put a foot wrong and swatted away their opponents with a good combination of pace and power-packed punches. While Naorem Chanu blanked Anel Sakysh of Kazakhstan 5-0, Sanamachu Chanu beat Uzbekistan’s Navbakhor Khamidova by the same scoreline. Sushma put up an equally impressive show to secure a 5-0 win over Kazakhstan’s Arailym Bakytzhankyzy. Vinka outpunched China’s Haini Mulataiali 4-1 to take home the gold while Poonam endured some early resistance from China’s Weiqi Cai but rebounded to win 4-1. Among the men, Selay Soy went down to Kazakhstan’s Bazarbay Ullu Mukhammedsabyr 1-4 and Ankit Narwal was dealt a 5-0 blow by Japan’s Reito Tsutsumi.READ: Myles Garrett net worth, annual salary, Steelers brawl and NFL suspensionIndian boxers’ medal tallyEarlier, Indian boxers had added five bronze medals to their tally. From the women boxers, Arundhati Choudhary (69kg), Komalpreet Kaur (+81kg), Jasmine (57kg) bagged bronze while Satender Singh (91kg) and Aman (+91kg) won the bronze from the men.READ: Biggest-ever Indian squad look to end on high in World Cup FinalsREAD: NASCAR championship push tinged with sadness for Joe GibbsREAD: Relaxed Hamilton on top in final Brazil practiceREAD: Sarita Devi to represent India at AIBA’s Athlete Commission center_img SUBSCRIBE TO US 10 months ago Boxing coach: Military Games to help in Olympic qualifier preparation 10 months ago IOC names Mary Kom in boxing’s athlete ambassadors group for Olympics Suman Ray WE RECOMMEND 9 months ago Sarita Devi to represent India at AIBA’s Athlete Commission 10 months ago Former boxing champ Oscar De La Hoya accused of sexual assaultlast_img read more