Vermont tax revenues below targets as recovery lags

first_imgSecretary of Administration Neale F Lunderville announced today that Vermont’s July revenue figures for the General Fund and Transportation Fund fell below targets, while the Education Fund exceeded its target.General FundSecretary of Administration Neale F Lunderville released the July 2010 General Fund Revenues today. July is the first month of fiscal year (FY) 2011. General Fund revenues totaled $82.22 million for July 2010, and were -$3.61 million or -4.21% below the $85.83 million consensus revenue forecast for the month. July is the first month of the fiscal year; therefore the monthly and year to date results are the same.The monthly targets reflect the revised Fiscal Year 2011 Consensus Revenue Forecast approved by the Emergency Board at their July 15, 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.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 July were recorded at $43.27 million, or -$1.99 million or -4.40% below the monthly target of $45.26 million.Corporate Income Taxes for July, which are also reported net-of-refunds, were recorded at -$0.81 million against a target of $1.62 million, or -$2.42 million (-149.86%) below the monthly target of $1.62 million, due to higher than expected corporate refund activity.The consumption taxes were above target for July; Sales & Use Tax receipts of $19.88 million were above target by +$0.19 million (+0.94%), while Rooms & Meals Tax receipts of $10.07 million were above target by +$0.11 million (+1.05%).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 July were as follows: Insurance Tax, $0.28 million (-18.04%); Estate Tax, $0.90 million (-33.05%); Property Transfer Tax, $0.74 million (-11.11%); and ‘Other’, $7.87 million (+16.43%).Transportation FundSecretary Lunderville also reported on the non-dedicated Transportation Fund Revenue for July. Total non-dedicated Transportation Fund receipts of $15.57 million for July fell short of target by -$0.13 million (-0.80%), against the July target of $15.70 million.Individual revenue receipts components for July were: Gasoline Tax, $5.15 million or -1.12% short of target; Diesel Tax, $0.70 million or -10.91% below target; Motor Vehicle Purchase & Use Tax, $3.21 million or -3.19% below target; Motor Vehicle Fees, $5.52 million or +8.65% above target; and Other Fees, $1.00 million or -23.99% below the monthly target.Secretary Lunderville also reported on the July results for the Transportation Infrastructure Bond Fund (’TIB’). TIB Fund Gas receipts for July were $1.33 million or -5.00% short of target. TIB Fund Diesel receipts were $0.08 million or -10.97% short of target for July. TIB Fund receipts are noted below the following table:Education FundThe ‘non-Property Tax’ Education Fund revenues (which constitute 11.75% of the total Education Fund sources) were released today by Secretary Lunderville. The non-Property Tax Education Fund receipts for July totaled $12.55 million, or +$0.04 million (+0.32%) above the $12.51 million target for July.The individual Education Fund revenue component results for July were: Sales & Use Tax, $9.94 million, or +0.94% ahead of target; Motor Vehicle Purchase & Use Tax, $1.60 million or -3.19%; Lottery Transfer, $1.00 million – exactly on target; and the Education Fund Interest receipts were essentially $0, as was the target.Conclusion‘July’s target is always difficult to parse out from the annual Consensus Revenue Forecast. Over the last two decades, the July results have deviated from the July targets more often than not. One month’s results are insufficient to project a revenue trend ‘ up or down,’ said Secretary Lunderville. ‘However, we remain vigilant in the face of a weak recovery which seems to have lost momentum.’last_img read more


Governor Wolf Announces 50 New Jobs with Gordon Sinclair Expansion in Indiana County

first_img SHARE Email Facebook Twitter January 13, 2017 Governor Wolf Announces 50 New Jobs with Gordon Sinclair Expansion in Indiana Countycenter_img Jobs That Pay,  Press Release Harrisburg, PA – Governor Tom Wolf announced today that Gordon Sinclair, a promotional products supplier, will expand operations with a new, state-of-the-art manufacturing and decorating facility in Indiana County and create 50 new jobs.“Gordon Sinclair chose Pennsylvania over New York and Florida for its operations expansion due to the commonwealth’s highly qualified manufacturing labor force and its desirable location with excellent highway access to top markets in the U.S. and Canada,” said Governor Wolf. “We applaud the company for its decision and for its significant investment into one of Pennsylvania’s rural communities where job creation efforts and economic contributions are sure to have a long-lasting, positive impact.”Gordon Sinclair will purchase a 60,000-square-foot facility at 771 Indian Springs Road, White Township, Indiana County. The company has committed to investing $5,048,000 in the project and to the creation of 50 new, full-time jobs over the next three years. The company has commenced hiring and hopes to begin production at the facility by mid-to-late February.“We’re extremely appreciative of the warm reception we have received from the Commonwealth of Pennsylvania and for the timely assistance we have received from the Governor’s Action Team and from the officials in Indiana County,” said Gordon Sinclair Founder and President Robert Gluck. “All of the Pennsylvania agencies have worked together seamlessly to speed the process, simplify our work and meet our timetable, which has been invaluable to us in making this investment.”Gordon Sinclair received a funding proposal from the Department of Community and Economic Development that includes a $200,000 Pennsylvania First Program grant, $22,500 in WednetPA funding for employee training, and $200,000 in Job Creation Tax Credits to be distributed upon the creation of the new jobs. The company has also been encouraged to apply for a low-interest loan up to $1,876,500 million from the Pennsylvania Industrial Development Authority.The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania, in collaboration with the Indiana County Development Corporation (ICDC).“We are pleased that Gordon Sinclair has decided to expand its manufacturing operations into Indiana County. The available facility, our premier workforce, as well as our quality of life all created a perfect mix to enhance the company’s decision to relocate to Indiana County,” said ICDC Executive Director Byron G. Stauffer, Jr. “We thank our partners at the Pennsylvania Department of Community and Economic Development for their assistance and support.”Gordon Sinclair is a leading supplier of drinkware and other high quality logoed items and sells exclusively through promotional products distributors throughout the United States and Canada. Promotional products are a $21 billion industry that provides logoed merchandise of all types for advertising, safety programs, and other promotional purposes.Last year, DCED approved nearly $1.1 billion in low-interest loans, tax credits, and grants for projects across the commonwealth and secured private sector commitments for the creation and retention of more than 245,000 full-time jobs. In the same timeframe, the Governor’s Action Team completed 77 projects – creating and retaining more than 36,800 jobs.For more information about the Governor’s Action Team or DCED visit dced.pa.govLike Governor Tom Wolf on Facebook: Facebook.com/GovernorWolflast_img read more


ICC World Cup India vs Pakistan ICC Cricket World Cup 2019 moments: THAT Sachin Tendulkar six off Shoaib Akhtar

first_img New Delhi: Saeed Anwar had become the first batsman to score a century in India vs World Cup contests. The 2003 World Cup clash in Centurion between India and Pakistan was already in the record books. Pakistan had scored 273/7 and India had to achieve the highest chase in World Cup contests against their arch-rivals. The contest between India and Pakistan always revolved on India’s batsmen taking on the might of the Pakistan bowlers. Sachin Tendulkar, Rahul Dravid, Yuvraj Singh, Sourav Ganguly and Virender Sehwag were facing off against Wasim Akram, Waqar Younis, Shoaib Akhtar and Abdul Razzaq. The game was well truly on.After getting off the mark with a four off Wasim Akram, Tendulkar squared off against Shoaib Akhtar. Pakistan’s ace pacer, who had touched 100mph in the 2003 World Cup, was having momentum on his side. Ever since he dismissed Sachin Tendulkar for a golden duck in the 1999 Test in Eden Gardens with a reverse-swinging yorker, Akhtar had created an impression much like how Javed Miandad had done when he smashed Chetan Sharma for a last-ball six in Sharjah 1986. The Miandad six scarred India for a long time and it seemed Akhtar would have a similar effect.It was time for Tendulkar and Akhtar yet again, this time in Supersport Park, Centurion. After three pacy balls from Akhtar, Tendulkar unveiled his magic. Akhtar bowled a short and wide ball outside off at pace, Tendulkar used the pace, reached out for it and upper-cut the delivery for a six to the third man. That ONE shot tilted the balance firmly in India’s corner. That one shot undid the hoodoo what Akhtar could have established against Tendulkar.The next two balls, a flick to deep square leg and that magnificent Tendulkar straight drive resulted in 18 runs from the over. The Eden nightmare had been buried. Centurion erupted as Tendulkar showed his mastery. Pakistan did not help themselves when Abdul Razzaq dropped Tendulkar off Akram, with the left-arm pacer admonishing him by saying, “Tu jaanta hain tune kya kiya hai? (Have you realised what you have done)”.In 27 overs, Tendulkar carted the Pakistan bowling to all parts of the ground and looked set for a century. However, in a form of poetic justice, Akhtar produced the perfect bouncer and Tendulkar could only fend it to point to depart for 98 off 75 balls. Yuvraj Singh and Rahul Dravid ensured India had achieved the highest successful chase against Pakistan in the World Cup.When one googles the statistics of Sachin Tendulkar in World Cup contests against Pakistan, he has scored 313 runs in five games at an average of 78 with 34 boundaries and just one six. However, that one six was ultra-special. Tendulkar might not have hit a century, but that 98 would be etched in the memories of billions of fans forever. For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps. highlightscenter_img Sachin Tendulkar is the only Indian cricketer to play in five India vs Pakistan contests.India has a 6-0 scoreline against Pakistan in World Cups.Tendulkar smashed 98 in the 2003 World Cup in Centurion. last_img read more


Hemraj, Johnson wrap up Jaguars practice game with centuries

first_imgCENTURIES from Leon Johnson and Chandrapaul Hemraj helped to ease Guyana Jaguars into a comfortable state of mind going into next week’s start of the Regional 4-Day Tournament.The national team wrapped up their training yesterday at Providence with the last of their two practice games. Looking to bat for longer periods, the players of the Johnson XI used the two days instead of three to up their scoring as they racked up 388-5 at the end of stumps.Batting one minute shy of 200 minutes, Hemraj lit up the stadium with 8 sweetly-timed fours and six massive sixes as he warmed up for the Regional 4-Dayers with a stylish 104.He shared a whopping 167-run second-wicket partnership with his national captain Johnson who broke his run drought with an identical score of 104.The Jaguars captain batted for more than 300 minutes for his century which was decorated with 9 fours and a six before he retired, allowing the other players to have some time.Tagenarine Chanderpaul also batted himself into some form with his solid 51 at number 4. Chris Barnwell also looked good for his 27 as the Jags premier players had good periods with the bat.Resuming just four runs shy of a half-century, Hemraj reached his first milestone in a casual manner. The Test opener’s confidence grew, as he found scoring easy and despite his aggression he managed to negate the good deliveries while feasting on the bad ones.His hundred came in grand fashion as he clobbered Ricardo Adams’ spin for a maximum which he celebrated with his skipper.Johnson, meanwhile, grafted a much-needed innings together; his timing and temperament seemed to be coming back as he reached his fifty.Soon after the duo’s celebration, tragedy struck as Alimohamed broke the edge of the centurion, to which keeper Kemol Savory made no mistake in collecting.After Johnson’s retirement, Chanderpaul continued to wear out the opposition’s bowling on his way to 50, topping off a strong performance for the batsmen. (Clifton Ross)last_img read more