State Tax Revenues Near Revised Targets

first_imgState revenue sources struggle(December 12, 2008) Secretary of Administration Neale F. Lunderville today released General Fund revenue results for the month of November, the fifth month of Fiscal Year 2009. General Fund revenues were essentially on target for the month as compared to the recently revised consensus revenue target. The General Fund revenues of $70.59 million for the month of November 2008 were +$0.25 million or +0.35% above the $70.34 million consensus revenue forecast for the month. Cumulatively, General Fund revenues year-to-date were $455.85 million or +0.25 million (+0.05%) above the consensus revenue forecast for Fiscal Year 2009.The monthly targets reflect the most recent Fiscal Year 2009 consensus revenue forecast, which was agreed to by the Emergency Board on November 18, 2008. The state’s consensus revenue forecast is normally updated two times per year in January and July. However, with the downturn in the national and regional economy, the Emergency Board scheduled an interim review of the consensus revenue forecast for November.Each of the four major components of General Fund Revenue underperformed against the newly revised forecast. 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 November were $32.17 million, -$0.04 million or -0.13% below the monthly target. Cumulatively, the Personal Income Tax receipts of $234.38 were essentially on target against the $234.42 year-to-date estimate. Corporate Tax receipts are also reported net of refunds; Novembers monthly target was projected to be negative (i.e., more refunds than receipts). Corporate Income Tax revenue results for November were a negative ($1.95) million net of refunds against the expected monthly net negative target of ($1.10) million. Cumulatively, Corporate Income Tax receipts of $13.26 million were slightly below the revised target of $14.10 million. We believe that the downward trend, particularly in Corporate Income Tax receipts, will continue in the coming months. Sales & Use Tax receipts of $15.35 million were below target for the month by -$0.79 million or -4.89%. Cumulatively, Sales & Use Tax fell -0.79% below the year-to-date target of $90.55 million. Rooms & Meals Tax receipts also fell short of the revised target for the month by -$0.62 million or -5.94%. At $53.92 million, cumulative Rooms & Meals Tax results were -1.15% below the cumulative November target.The non-major components of the General Fund Revenue combined to offset the under-target performance of the four major components. Insurance, Real Property Transfer and ‘Other’ were all slightly above target, while Inheritance/Estate Tax was slightly below. The non-major tax component results for the month were: Insurance Premium, $6.95 million (+9.10%); Inheritance/Estate Tax, $0.80 million (-39.86%); Real Property Transfer Tax $0.79 million (+28.15%); and Other, $6.58 million (+71.91%). Year-to-date results for these components were: Insurance Premium, +3.89%; Inheritance/Estate Tax, -12.92%; Real Property Transfer Tax, +3.87%; and Other, +6.05%.Transportation FundSecretary Lunderville also reported on the results for the non-dedicated Transportation Fund revenue. The Transportation Fund revenues were $13.68 million, which was -$1.12 million or -7.55% below the monthly target for November. The two-day Thanksgiving holiday, coupled with the month ending that weekend, resulted in an elongated processing turn around for Transportation Fund receipts versus the normal monthly processing delay; the additional delay accounts for a good portion of the -$1.12 million monthly shortfall. Cumulatively, the Transportation Fund revenues of $84.40 million were -1.31% below the consensus revenue year-to-date forecast of $85.52 million.The Transportation Fund revenue components were all below target for the month with the exception of Gas Tax receipts, which were slightly above target for the month. Gas Tax receipts have benefited from the recent reductions in gasoline prices. The remaining components still suffer from the continuing sales decline in the automobile market. The components of the Transportation Fund revenue for the month were: Gasoline Tax, $4.95 million (+2.06%); Diesel Tax, $0.77 million (-33.11%); Motor Vehicle Purchase & Use Tax, $2.73 million (-15.30%); Motor Vehicle Fees, $4.15 million (-0.50%); and Other, $1.08 million (-22.94%). Cumulatively, the Transportation Fund revenue components for November were: Gasoline Tax, $26.36 million (+0.38%); Diesel Tax, $5.87 million (-6.12%); Motor Vehicle Purchase & Use Tax, $19.18 million (-2.50%); Motor Vehicle Fees, $25.75 million (-0.08%); and Other, $7.24 million (-4.25%).Education FundThe revenue results for the the non-Property Tax Education Fund revenues (which constitute approximately 12% of the total Education Fund receipts) released by Secretary Lunderville totaled $10.55 million for the month of November, or -$0.69 million (-6.14%) below the $11.24 million consensus revenue target for the month. Cumulatively, non-Property Tax Education Fund revenues year-to-date were $61.85 million or -$0.69 million (-1.10%) below the year-to-date consensus revenue forecast.All the components of the non-Property Tax Education revenue, except Investment Income, were below the November monthly targets: Sales & Use Tax, $7.68 million (-4.90%); Motor Vehicle Purchase & Use, $1.36 million (-15.28%); Lottery Transfer, $1.51million (-25.56%); and Investment Income $0.0006 million (+99.87%). Cumulative results were: Sales and Use Tax, $44.88 million (-0.87%); Motor Vehicle Purchase & Use, $9.59 million (-2.50%); Lottery Transfer, $7.22 million (-6.70%); and Education Fund Investment Income, $0.16 million (-155.47%).ConclusionSecretary Lunderville said that, “Vermont is certainly feeling the effects of the national economic downturn and we continue to monitor the changing economic environment very closely. At this point, our economists warn that all of our risk is on the downside – meaning that conditions will probably get worse before they get better. As we face some very difficult budget decisions in preparation for worsening fiscal conditions, it is important that we move thoughtfully and quickly. The longer we hold off on making tough decisions, the more difficult those decisions become.”Attachments: Detailed schedules of revenue results comparing the current fiscal year-to-date period with the same period from the last fiscal year follow.last_img read more

Century old house goes under the hammer

first_imgA Tudor-style home that has been in Charles Rich’s family for more than 100 years is going under the hammer. Photo: MARK CALLEJAA SLICE of Brisbane history will be up for grabs tomorrow when a Tudor-style home at Hamilton goes under the hammer.Brisbane’s first town clerk, Edwin J. Shaw gifted the home site at 36 Rossiter Pde to his son Lionel Vincent Shaw and his bride Cynthia May on their wedding day. The couple’s grandson, Charles Rich said the newlyweds built a small home on the block around 1900. Charles Rich holds his great-grandfather’s watch while standing in the home his grandparents built.Mr Rich said the home was being sold due to circumstances beyond his control but he hoped whoever bough it, would appreciate its history.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019“I hope it goes to someone who will live in it and restore it,” he said. The Rossiter Pde property will be auctioned at 3.30pm on March 18. In keeping with the character theme, a three-bedroom Queenslander in Milton is also going under the hammer on the same day. Lionel and Cynthia Shaw built the Tudor-inspired home at Hamilton more than 100 years ago.“My grandmother (Cynthia) came from Hove in England so they designed the house like the ones from where she grew up,” Mr Rich said. “They even called the house ‘Hove’ in honour of her hometown.” Charles Rich holds the fob watch presented to Edward Shaw by Brisbane council on his retirement after 41 years service.Mr Rich said the three-bedroom property was “very original and solid” and had leadlight windows, dark timber, brass fittings and distinctive small eaves.“There’s a great little balcony at the top and you can see the Brisbane River through the window at the top of the stairs,” he said. Timber floors and stone benchtops feature in the kitchen.Four of the five bedrooms are upstairs, including the master bedroom with walk-in robe and ensuite. The home is walking distance to Hendra State School.According to CoreLogic, 153 Brisbane homes are scheduled to go under the hammer this week. CoreLogic auction spokesman, Kevin Brogan said the auction market in Queensland’s capital was solid on the back of a 55.8 per cent clearance rate last week. “That is an increase in clearance rate compared to couple final months of last year,” he said. “It looks like the market in Brisbane in performing quite strongly.”center_img Timber floors features throughout 71 Baroona Rd, MiltonThe home is close to Suncorp Stadium, Milton train station and the cafes and boutiques of Paddington. For those looking for something more modern, 2A Rous St, Hendra will be auctioned at noon on March 18. The property at 2A Rous St, Hendra will appeal to buyers looking for a modern family home.The five-bedroom, three-bathroom residence was architecturally designed and has a lap pool and three living rooms. The open plan living hub is downstairs and the kitchen, with Caesarstone benchtops and stainless steel Miele appliances, opens to the entertaining deck, overlooking the in-ground pool. The Queenslander at 71 Baroona Rd, Milton has character features throughout.The home at 71 Baroona Rd has an elevated front veranda, wide timber floorboards, high ceilings and casement windows. Modern features include airconditioning, ceiling fans, solar hot water and Crimsafe screens. An open-plan living and dining area is off the updated kitchen, which has gas cooking and a dishwasher. last_img read more