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


Gov. Wolf: Special Council on Gun Violence Reconvenes to Mark One Year Since Initial Meeting

first_imgGov. Wolf: Special Council on Gun Violence Reconvenes to Mark One Year Since Initial Meeting Press Release,  Public Safety One year after its first convening following the signing of Executive Order 2019-06, the Pennsylvania Commission on Crime and Delinquency (PCCD) reconvened the Special Council on Gun Violence today to discuss state agencies’ progress in implementing recommendations from its Report of Findings, Recommendations, and Action Steps adopted in March 2020, and to hear from communities working to address gun violence.“The world has changed considerably since I signed an executive order last August to work to aggressively combat gun violence in our state,” Gov. Wolf said. “Civil unrest and a global pandemic have added to the stress and devastation among too many Pennsylvania communities. Now more than ever, we need to address gun violence in all of its forms. Thank you for the work the Special Council has undertaken amid difficult circumstances. Your dedication is noticed and appreciated.”“Over the last several months, we’ve seen the epidemic of gun violence continue to plague communities amidst a global pandemic,” said Mike Pennington, executive director of PCCD. “Today’s meeting was a reminder that our work to address this public health and public safety crisis remains more vital than ever.”According to data from the Centers for Disease Control and Prevention (CDC), firearm-related injuries are among the leading causes of injury-related deaths for adults and the leading cause of injury-related death among children and teens in Pennsylvania. More than 1,650 people died in Pennsylvania from gunshot wounds in 2018, a rate above the national average.As shown in data from the Pennsylvania Department of Health’s recently published Violence Data Dashboard, the vast majority of these firearm-related fatalities – 62% – were suicides, and firearms were used in about half of the commonwealth’s more than 2,000 suicide deaths in 2018.To address the growing rates of suicide – including suicide by firearms – the Wolf Administration released Pennsylvania’s Statewide Suicide Prevention Plan, developed by the state’s Suicide Prevention Task Force.The Wolf Administration also recently announced the availability of $7.5 million in funding to support the 2021 Community Violence Prevention/Reduction Grant Program. Under this competitive solicitation, priority consideration will go to evidence-based or evidence-informed programs that address gun violence and gang violence in areas of Pennsylvania identified with high-violent crime rates. Eligible applicants (municipalities, counties, institutions of higher education, and community-based organizations) have until Tuesday, November 10, 2020, to submit applications to PCCD, with awards expected to be announced in January 2021.More information about the Special Council on Gun Violence and related initiatives is available on PCCD’s Gun Violence webpage. SHARE Email Facebook Twittercenter_img October 09, 2020last_img read more