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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

HBF reveals study into starting prices

first_img Share StumbleUpon Submit Related Articles Share Colin Hord named new chairman of Horserace Bettors Forum September 4, 2019 Attheraces.com rolls out sectional timing service for Jumps Racing November 7, 2019 ARC upgrades greyhound capacity by acquiring Nottingham stadium February 24, 2020 A study by The Horseracing Bettors Forum has analysed the state of starting prices within the UK betting market. The study outlined worrying results for punters betting at Welsh course Ffos Las, as it revealed that there were an “alarming level of over-rounds” at the course. HBF member Steve Tilley, joint-author of the study with HBF chair Simon Rowlands, commented: “We set out to see if there was evidence that particular courses were notably good or bad for punters betting at starting prices, but never imagined we’d discover such an extreme outlier as that provided by Ffos Las.“Anyone betting at SP there in 2017 was regularly being short-changed, and to a sizeable degree.”The owner of Ffos Las race courses, Dai Walters responded: “I’ve never had a complaint about bookmakers and their prices at Ffos Las,” he said. “I’ll be looking at it and will discuss it with the bookmakers.”He continued: “In a properly regulated industry these sorts of things would be picked up and investigated as they happen, and any systemic flaws would be addressed quickly.“But the SPRC has demonstrated no interest in responding formally to correspondence about such matters from HBF, let alone in tackling a subject like this. The forum intends raising this with the Gambling Commission.”Over-rounds are regarded as a way of measuring the value that is being offered by bookmakers on courses, with it  deriving from the sum of the amount that would need to be staked to return a fixed figure at each of the prevailing prices.The study also underlined that the courses that provided punters with the best value  in terms of over-rounds throughout the year were; Nottingham; Catterick Bridge; and Thirsk.last_img read more

2016 Toyota Fortuner debuts at Bangkok Motor Show, India launch soon

first_imgToyota seem to have an interesting year ahead, as they unveiled the all new Toyota Fortuner at the ongoing Bangkok International Motor Show, with its India launch to take place sometime next year.The India-bound Toyota Fortuner is based on an all-new ‘Toyota new-generation Architecture’ (TNGA) platform. This also seen powering the all new Toyota Innova Crysta.ALSO READ:Toyota to offer automatic emergency braking by 2017Engine:According to reports, the India-bound Toyota Fortuner will be coming with a 2.4L GD engine and 2.8L GD engine, however, details for only the 2.8L engine is known.The 2.8L diesel turbo engine churns out peak power of 180bhp and peak torque of 450 Nm, mated to a six-speed automatic transmission.Design:ALSO READ:Production of current generation Toyota Innova ends; Innova Crysta to take over Moving on, the India-bound Toyota Fortuner will come with major cosmetic changes. The new SUV will sport projector headlights with LED, chrome-surrounded fog lights, new dual-slat grille and a new bumper with integrated reflectors.Moreover, the rear end will come with new taillight cluster with LED elements, wrap-around windscreen and new bumper and will also sport new 18-inch alloy wheels.Dimensions:The upcoming Toyota Fortuner will come with a wheelbase of 2475mm and will be 4795mm in length, 1835mm in height and 1855 in width. The new SUV will also have ground clearance of 225mm.Watch this space for more information on the upcoming India-bound Toyota Fortuner.ALSO READ:Skoda Superb vs Audi A3 vs Mercedes Benz CLA vs Toyota Camryadvertisementlast_img read more