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Vermont tax revenues exceed targets for GF, Transpo and Education

first_imgVermont tax revenues exceeded their adjusted targets in September in the three major categories and in nearly all sub-categories. The most promising of which was the personal income tax, which was down in August. The fiscal year-to-date numbers also exceeded targets, but more modestly. The General Fund was up 5.09 percent in September and 2.37 percent YTD ($263 million). Of this, personal income, by far the single largest component, was up .57 percent YTD ($129.85 million total). The Transportation Fund was up 3.87 percent YTD ($55.05 million total), with all components exceeding targets. And the Education Fund was ahead .52 percent YTD ($36.09 total). The most notable component that failed to exceed its YTD target was the sales and use tax, which came in below target by .18 percent YTD ($51.32 million total). However, its September number did exceed its target by .14 percent.The September General Fund Revenues were released by Secretary of Administration Neale F Lunderville on Friday. September marks the end of the first quarter of FY 2010. General Fund revenues totaled $105.64 million for September 2009, +$5.09 million or +5.06% above the $100.55 million consensus revenue forecast for the month. Year to date, General Fund revenues of $263.00 million were +$6.09 million and +2.37% above the year to date FY 2010 target.The monthly targets reflect the recently revised Fiscal Year 2010 Consensus Revenue Forecast that was adjusted downward by the Emergency Board on July 16, 2009. The State s Consensus Revenue Forecast is normally updated two times per year in January and July. However, with the continuation of this recession, the Emergency Board has been scheduling interim quarterly revenue reviews. The next consensus forecast is scheduled to be reviewed by the Emergency Board on November 12, 2009.Personal Income Tax receipts are the largest single state revenue source, and are reported Net-of-Personal Income Tax refunds. Personal Income Tax receipts for September were $52.65 million, +$0.32 million or +0.61% ahead of the monthly target. Sales & Use Tax, at $16.69 million was +$0.02 million or +0.14% above target. Rooms & Meals Tax was $12.64 million, +$1.06 million or +9.13% above target for September. The largest favorable result was in Corporate Income Tax receipts, which are also reported net-of refunds. Corporate Tax receipts for September were $12.43 million or +$2.90 million (+30.36%) above the target for the month. However, as the September Corporate increase is based on estimated taxes, we will not know if the above target results are subject to refund until the actual tax returns are filed. The year to date results for the four major General Fund categories are as follows: Personal Income Tax, $129.85 million (+0.57%); Sales & Use Tax, $51.32 million (-0.18%); Corporate, $14.64 million (+21.87%); and Meals & Rooms, $33.05 million (+4.34%).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). Results for the month of September were as follows: Insurance Tax, $0.71 million (-39.51%); Estate Tax, $2.51 million (+96.43%); Property Transfer Tax, $0.81 million (+21.44%); and other, $7.21 million (-1.66%). Year to date results for these categories were: Insurance Tax, $8.41 million (+7.87%); Estate Tax, $4.94 million (+43.32%); Property Transfer Tax, $2.16 million (+12.74%); and Other, $18.63 million (-4.61%).Transportation FundSecretary Lunderville also reported on the results for the non-dedicated Transportation Fund Revenue, revenue of $20.16 million for the month or +$1.67 million (+9.05%), above the monthly target for September. The year to date non-dedicated Transportation revenue was $55.05 million versus the target of $53.00 million (+$2.05 million, +3.87%).Revenue from the Gasoline Tax, Diesel Tax, Motor Vehicle Purchase & Use Tax, Motor Vehicle Fees, and Other were all above the September monthly target. The Transportation Fund revenue results for September were: Gasoline, $5.75 million or +0.36% above target; Diesel Tax, $2.01 million or +68.81% above target; Motor Vehicle Purchase & Use Tax, $4.64 million or +9.09% above target; Motor Vehicle Fees, $5.94 million or +0.87% above target; and Other Fees, $1.83 million or +27.62% above the monthly target. Looking at the national vehicle sales for September, we see that the number of units sold has fallen back to the rate of sales that existed before the Cash for Clunkers program . We are not yet certain that the increased number of vehicles sold in July and August were in fact additional sales or merely a compression of sales that would have occurred over the next several months anyway, said Secretary Lunderville.The September year to date Transportation Fund revenue results were: Gasoline, $16.57 million or +3.11% above target; Diesel Tax, $3.95 million or +31.07% above target; Motor Vehicle Purchase & Use Tax, $12.07 million or +4.52% above target; Motor Vehicle Fees, $17.70 million or +0.01% above target; and Other Fees, $4.75 million or +1.88% above target.Secretary Lunderville also reported on the results for the Transportation Infrastructure Bond Fund ( TIB ) (see Act 50 of the 2009 session). Receipts in the TIB Fund are generated by a motor fuel (gas and diesel) assessment on distributors. The TIB Fund receipts are dedicated first to pay principal, interest and related costs on any Transportation Infrastructure Bonds. After payment of the related bond costs, any remaining TIB monies may be used to fund qualifying Transportation capital projects. These potential remaining monies could be used to offset any unforeseen non-dedicated Transportation Fund Revenue shortfalls. TIB Fund receipts for September were $1.06 million or -15.23%; year to date, TIB Fund receipts were $3.12 million or -12.17%. The TIB Fund receipts are noted at the bottom of the following table:Education FundSecretary Lunderville released revenue results for the the non-Property Tax Education Fund revenues (which constitute approximately 11% of the total Education Fund sources). Education Fund receipts for September totaled $12.59 million, or +$0.33 million (+2.66%) above the $18.49 million consensus revenue target for the month.The individual Education Fund revenue component results for September were: Sales & Use Tax, $8.34 or +0.14%; Motor Vehicle Purchase & Use Tax, $2.32 million or +9.09%; Lottery Transfer, $1.90 million or +4.61%; and Education Fund Interest, $0.02 million or -279.57%. Year-to-date results were: Sales & Use Tax, $25.66 or -0.18%; Motor Vehicle Purchase & Use Tax, $6.04 million or +4.52%; Lottery Transfer, $4.37 million or -1.43%; and Education Fund Interest, $0.02 million or -305.37%. We are hopeful that our current consensus revenue forecast appears to be holding up, commented Secretary Lunderville. Although September s numbers were better than expected, it is important to remember these revenues are compared against significantly downgraded expectations. The economists continue to remind us that even when the recession is over it will take many years to regain the jobs and revenue lost during this downturn.Lunderville concluded: As I ve noted before, with a projected budget shortfall of over $200 million over the next two fiscal years, our budget situation remains very difficult. For FY 2010, the general fund receipts are $31.0 million or 10.6% below the same period for FY 2009, and 3.4% below the same period for FY 2006.Source: Administration office. 10.16.2009last_img read more

Fitting score for champion Spieth

first_img The 21-year-old Texan began steadily enough despite a strong wind that appeared to make a low score nigh-on impossible. Three straight pars were followed by birdies at four of his next five holes which ignited his challenge and sent him clear at the top of the leaderboard. It was a position he did not relinquish and birdies at the 14th, 15th, 17th and 18th carried him to a new course record and victory in his first appearance Down Under. It is the highly-talented Spieth’s second career victory, having broken his duck on the PGA Tour at the John Deere Classic last year. Rod Pampling finished as runner-up on seven-under overall after a commendable 68 while Australian compatriots Brett Rumford and Greg Chalmers were third and fourth respectively. World number three Adam Scott, who lost on the final hole in this event to Rory McIlroy 12 months ago, managed a top-five finish this year. McIlroy’s hopes of defending his title were dashed on Saturday, when a triple and double bogey on successive holes around the turn dropped him from a share of the lead to five shots off the pace, and he finished on two-over after his final-round 72. Spieth admitted afterwards that he had never played better. ” That was definitely the best round I’ve ever played,” he said on the tournament’s official website. “At the start I didn’t think such a round was out there, but the putts kept going in. It was an awesome experience.” Spieth carded 63 in Sydney, a number that will resonate with a lot of Australians as that was the score cricketer Phillip Hughes was on before he died on Thursday from injuries sustained from being hit by a ball in the neck in a domestic game in the same city. It is somewhat poignant that the American finished with a flourish on what would have been Hughes’ 26th birthday on Sunday, a score that lifted him to 13-under overall and a six-shot win at the Australian Golf Club. Jordan Spieth saved his best for last – and produced an unintentional touching moment – as a sensational eight-under-par final round lifted him to victory in the Australian Open. center_img Press Associationlast_img read more

Topp XX blitz Kwakwani Strikers 3-0 as Eagles United/Hi Stars match abandoned

first_imgBy Joe ChapmanTHREE unanswered second-half goals by Topp XX saw them to an enterprising 3-0 win over Kwakwani Strikers, but controversy brought an abrupt end to the second game in this year’s opening night of the 5th edition of the Upper Demerara Football Association’s GT Beer year-end football at the Mackenzie Sports Club ground, Sunday night.Fist cuffs marred a feisty clash with about five minutes left in the game, featuring Eagles United who were leading Hi Stars 1-0, courtesy of a dubious foul in the box, The first game followed the March Past of the nine clubs contesting this year’s championship, after three-time winners Haynes Winners Connection were withdrawn from the competition after being included in the Guyana Football Federation’s Top16 tournament which kicks off on Friday in Linden.The first half of the game between Kwakwani Strikers and Topp XX began well with Topp XX on a positive note. In the opening five minutes they were able to gain two half-chances, one from a chip cross which was sent outside of the goal and another which saw the Kwakwani side’s goalkeeper holding after a corner was won by the Topp XX side.In the 27th minute a Kwakwani player was able to collect the ball but with the defender closely marking he was unable to control a right-foot shot that went wide. Topp XX got two openings in the final two minutes of the game but still the scores remained nil-all at lemon-time.As the game resumed Topp XX asserted themselves well and gained some momentum, which saw them take the lead in the 49th minute. Under pressure the Strikers goalkeeper was unable to collect a square ball from Topp XX’s Andre Meyers cleanly as the ball slipped through his grasp.Topp XX’s second goal was created through Duquan Hercules as he raced down the left flank to cross to the top of the 18-yard box where Travis Waterton collected and with a single motion gave the Kwakwani goalkeeper no chance, for a Topp XX 2-0 advantage in the 63rd minute.Still in control against a game Kwakani unit Topp XX secured their third goal. This time the promising Hercules cut in from the left wing and after beating two defenders was heading goal-wards inside the box where he was brought down. Ryan Noel took the resultant penalty to score in the 78th minute and Topp XX eventually triumphed by a 3-0 score-line in their Group A match.The second game saw the Eagles United team being held at bay from a spirited young Hi Stars team who matched their opponents with some brave match-ups early in the game.The first half was somewhat closely contested. In the second session in the 50th minute, Eagles United’s Kellon Primo went deep inside right and in trying to pierce inside the 18 yards box, his marker kept his watch as they shouldered each other.As Primo targeted inside, the assistant referee raised her flag which suggested a foul being committed by his defender. Referee Shavin Green pointed to the penalty spot and Trenton Lashley made no mistake to send his side into a 1-0 lead.Thereafter things intensified with aggressive play on both ends of the field and this ended up with players bringing the game into disrepute.The match officials then decided to abandon the game with just about five minutes remaining and Eagles United ahead, 1-0, as fans witnessed the sudden clash of fists on the field between opposing players.Guyana’s Refereeing Council head Stanley Lancaster who was present commented that an informed ruling on the state of the game would be made after the Referee’s Report is obtained from referee Shavin Green.Tomorrow two more matches will be played at 19:00hrs when Blueberry Hill and Amelia’s Ward Panthers clash. At 21:00hrs Topp XX will again be in action when they face reigning champions Silver Shattas.last_img read more

RTE AWARD WINNER DEMANDS ANSWERS ON TRAGEDY THAT KILLED HER DAD

first_imgThe Government was under pressure to finally release a secret file into the sinking of a Donegal trawler last night after a documentary on the debacle won a prestigious international award.Courageous Helena Gallagher has battled for years to find out what exactly happened to her father’s boat after it sank off the coast off Rathlin O’Byrne Island in 1975. Hughie Gallagher was one of six men who lost their lives when the Evelyn Marie went under after it was thought to have hit a reef.But now a documentary into the mystery, entitled ‘Searching for Answers’, has scooped a Gold Award at the New York Festivals Radio Award shaming the Irish Government even more.The award has justified Helena’s years of work in trying to get to the bottom of the mystery but also highlighted the refusal by the Government to hand over a file on the matter to the heartbroken families of those who drowned.Last night Helena dedicated the award to her late father and all those who drowned at sea and vowed to continue to discover how the doomed vessel really sank. “This is a fantastic tribute to everyone involved in and who worked on the documentary. But our search still goes on to try and get the Government to release these files.“What have they got to hide from releasing these files if there is nothing damaging inside them,” she asked.The boat, which operated out of Killybegs, was just a year old and was fitted with the latest equipment with a very experienced crew.Four of the men on the boat including Helena’s father Hughie were never found.A preliminary report was ordered into the incident by then Minister for Transport and Power, Peter Barry, but was never made public.And only recently Minister Phil Hogan also said he was not in a position to release the files. Helena, 39, from Arranmore Island, made a documentary for RTE radio in an effort to get some answers to many of her family and the other victim’s family’s questions.As well as her own tragic situation, Helena also highlights another incident less than two years later in November 1976 when another five men were drowned when the Carrig Una went down at the same location.In 2006 Ms Gallagher contacted the Government and requested a copy of the findings of the report into the incident.She was told in a letter from the Government that no formal enquiry had been carried out into both sinkings and that the Government was also refusing to release the details of the findings of two preliminary enquiries. “I think this is a complete insult to all these families that 36 years after my father and these other men were lost that we are still fighting to get this report.“It makes me think that they are hiding something from us. That’s what I take from that. If there wasn’t a problem, why not release the details,” she said.Ms Gallagher even confronted former Taoiseach Brian Cowen recently when he visited Arranmore Island and asked him why the findings of the report had not been released.However nobody has yet come back to Helena on the matter.“How long does it take for someone to go down to a locker and check these files?“We are talking about the death of 11 people. If the same number of people had been killed in a road accident, there would have been a full public report on the incident released.“It is very difficult for everyone but especially because of the fact that some of the men were never recovered. If you don’t have a body then you don’t have a grave to visit. It just doesn’t give the family any closure.“I knew I would be opening up a lot of old wounds for people by starting this journey because I was back 35 years but the pain is still very raw for a lot of people.“But because I was so young at the time there was a lot of questions that I needed answered so that’s why I embarked on it,” she said.EndsRTE AWARD WINNER DEMANDS ANSWERS ON TRAGEDY THAT KILLED HER DAD was last modified: June 22nd, 2011 by gregShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more