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Personal income drags down Vermont tax revenues

first_imgSecretary of Administration Neale F. Lunderville released the January 2010 General Fund Revenues today. January is the 7th month of FY 2010. General Fund revenues totaled $114.25 million for January 2010, -$5.41 million or -4.52% below the $119.66 million consensus revenue forecast for the month. Year to date, General Fund revenues of $628.66 million were -$5.41 million and -0.85% below the year to date FY 2010 target of $634.07 million.Although one month’s results following the adoption of the revised Consensus Revenue Forecast are insufficient to indicate a trend, I am concerned that the shortfall occurred in Personal Income Taxes.January’s are the first monthly results utilizing the recently revised FY 2010 Consensus Revenue Forecast, approved by the Emergency Board at their January 13, 2010 meeting. Normally, statute requires the State’s Consensus Revenue Forecast to be updated two times per year, in January and July. In order to stay current with the economic situation, the Emergency Board adopted a quarterly review schedule for the last fiscal year and to date for the current fiscal year. The next Consensus Revenue Forecast review by the Emergency Board, as yet unscheduled, will be held in July 2010.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 January were $65.34 million, -$6.42 million or -8.95% behind the monthly target. Secretary Lunderville said: “Although one month’s results following the adoption of the revised Consensus Revenue Forecast are insufficient to indicate a trend, I am concerned that the shortfall occurred in Personal Income Taxes. Of the -$6.42 million shortfall in personal Income Taxes, -$3.5 million of the shortfall was in Withholding Taxes paid and -$1.97 million was in Estimated Payments. This is consistent with the weaker December employment numbers recently released, and that bonuses paid December do not appear to have been as robust as estimated.”Corporate Income Tax receipts are also reported net-of refunds. Corporate Tax was also below the new target for January with receipts of $1.28 million against a target of $1.41 million or -0.13%. The consumption taxes, however, were slightly above target for the month. Sales & Use Tax, at $25.19 million exceeded target by +$0.23 million (+0.93%), as did Rooms & Meals Tax at $10.30 million exceeding target by +$0.17 million (+1.70%) for January.The year to date results for the four major General Fund categories are as follows: Personal Income Tax, $320.66 million (-1.96%); Sales & Use Tax, $128.44 million (+0.18%); Corporate, $30.94 million (-0.42%); and Meals & Rooms Tax, $71.30 million (+0.24%).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 January were as follows: Insurance Tax, $0.71 million (-11.95%); Estate Tax, $1.15 million (-35.10%); Property Transfer Tax, $0.62 million (+14.24%); and “Other”, $9.67 million (+16.60%). Year to date results for these categories were: Insurance Tax, $17.60 million (-0.54%); Estate Tax, $9.16 million (-6.34%); Property Transfer Tax, $4.96 million (+1.58%); and “Other”, $45.59 million (+3.11%).Transportation FundSecretary Lunderville also reported on the results for the non-dedicated Transportation Fund Revenue, revenue of $15.01 million for the month or -$0.14 million (-0.95%), below the monthly target for January of $15.15 million. The year to date non-dedicated Transportation revenue was $118.51 million versus the target of $118.66 million (-$0.14 million, -0.12%).January results showed above target receipts for both Gas Taxes and Diesel Taxes, while Motor Vehicle Purchase & Use, Motor Vehicle Fees and Other were below the monthly target. The Transportation Fund revenue results for January were: Gasoline, $5.15 million or +2.97% above target; Diesel Tax, $1.31 million or +11.71% above target; Motor Vehicle Purchase & Use Tax, $2.83 million or -3.17% below target; Motor Vehicle Fees, $4.44 million or -2.17% under target; and Other Fees, $1.27 million or -15.85% below the monthly target. The January year to date Transportation Fund revenue results were: Gasoline, $37.20 million or +0.40% and Diesel Tax, $8.64 million or +1.61%, both above target; Motor Vehicle Purchase & Use Tax, $25.37 million or -0.36%; Motor Vehicle Fees, $37.50 million or -0.26%; and Other Fees, $9.81 million or -2.38%, all three short of target. “Bolstered by revenue from the “Cash for Clunkers” program and some increased fees, the Transportation Fund appears to have stabilized at levels slightlyabove the prior year. However, vehicle miles traveled continue to be well below the historic levels when you consider that gas is less than $3.00 per gallon. This may indicate a permanent reduction in driving patterns regardless of gas prices,” said Secretary Lunderville.Secretary Lunderville also reported on the results for the Transportation Infrastructure Bond Fund (“TIB”). Act 50 of the 2009 session provided that receipts in the TIB Fund that are generated by a motor fuel (gas and diesel) assessment on distributors would first be dedicated to paying the 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. TIB Fund Gas receipts for January were $1.24 million or -1.09% below target; year to date, TIB Fund Gas receipts were $7.39 million or -0.18% short of target. The TIB Fund Diesel receipts began in December 2009, and were $0.08 million or -41.86% below target for the month; year to date TIB Diesel receipts were $0.26 million or -18.23% behind target. The TIB Fund receipts are noted below 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). The non-Property Tax Education Fund receipts for January totaled $15.73 million, or -$0.10 million (-0.66%) below the $15.83 million revised Consensus Revenue target for the month. Year to date, Education Fund revenues were $87.81 million or -0.12% below target.The individual Education Fund revenue component results for January were: Sales & Use Tax, $12.59 or +0.18%; Motor Vehicle Purchase & Use Tax, $1.42 million or -3.16%; Lottery Transfer, $1.71 million or -8.89%; and Education Fund Interest, $0.01 million or -36.37% . Year-to-date results were: Sales & Use Tax, $64.22 or +0.18%; Motor Vehicle Purchase & Use Tax, $12.68 million or -0.36%; Lottery Transfer, $10.84 million or –1.51%; and Education Fund Interest, $0.07 million or -8.80%.ConclusionSecretary Lunderville commented that “Key economic indicators continue to show mixed results. There continues to be softness in the housing market as well as the December downturn in the labor market, both nationally and in Vermont. Vermont’s unemployment rate rose to 6.9% in December up from 6.4% in the prior month. Employers continue to slowly add hours for existing employees and temporary workers but have not begun to replace the job losses. Consumer confidence remains both flat and significantly below the high point of 2006 though early 2008.”Lunderville concluded: “With the below target performance in the General Fund, we must guard against complacency and realize that there remains a good deal of downside risk. There are no signs that indicate a return to pre-recession levels for more than two years and we must not forget that general fund receipts year to date are $46.3 million or 6.86% below the same period for FY 2009.” Source: Lunderville’s office. 2.12.2010last_img read more

Wyandanch Man Falsely Reported Shooting to Avoid Ticket, Cops Say

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Chazeray JohnsonA man has been accused of falsely reporting a shooting in an attempt to distract Suffolk County police from arresting him during a traffic stop in Wyandanch on Tuesday night.Officers spotted Chazeray Johnson smoking and drinking an alcoholic beverage near the pumps at a gas station on Straight Path before he got into the passenger seat of a Honda Civic that they pulled over shortly later at 10:45 p.m., police said.The officers received a call about shots fired at another location while they were writing tickets for the offenses and noticed that Johnson was on his cell phone.The officers called back the phone number from where the report came when Johnson’s phone started ringing, police said.Johnson allegedly told the officers that he thought he could get the officers to respond to the made up shooting instead of writing his summonses, police said.The 23-year-old Wyandanch man was arrested and charged with falsely reporting an incident and issued numerous other summonses.He will be arraigned Wednesday at First District Court in Central Islip.last_img read more