first_imgVermont personal income tax withholding continues to under perform, leading to general caution as the end of the fiscal year nears on June 30. However, Secretary of Administration Neale F Lunderville said it appears that state tax revenues will be on target for the first time in two years. Lunderville released the May 2010 General Fund Revenues today. May is the 11th month of fiscal year (FY) 2010. General Fund revenues totaled $51.70 million for May 2010. They were -$5.54 million or -9.67 percent below the $57.24 million consensus revenue forecast for the month. These May results reduced the year to date General Fund performance of $934.98 million to +$1.97 million, or +0.21 percent ahead of target.The monthly targets reflect the revised Fiscal Year 2010 Consensus Revenue Forecast approved by the Emergency Board at their January 13, 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. The next Emergency Board meeting is tentatively scheduled for July 15, 2010.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 May of $15.26 million were -$6.58 million or -30.14% short of the monthly target of $21.85 million.Secretary Lunderville said: Personal Income Tax withholding, estimated payments, and refunds all fell short of target for May. We had hoped that the above target performance in Personal Income Taxes last month would reduce the chance of a negative revenue surprise during May and June. However, the continued weakness, especially in PI Withholding which has finished below target every month since the January forecast revision causes some concern as to whether we will be able to achieve the June target in this major revenue category.Corporate Income Taxes, which are also reported net-of refunds, were above target for May with receipts of $2.13 million against a target of $1.37 million or +$0.76 million (+55.40%).The consumption taxes saw mixed results; Sales & Use Tax of $15.50 million was above target by +$0.25 million (+1.66%), while Rooms & Meals Tax receipts of $7.12 million slipped below target by -$0.08 million (-1.05%) for May.The year to date results for the four major General Fund categories are as follows: Personal Income Tax, $430.62 million (-2.16%); Sales & Use Tax, $191.17 million (+0.47%); Corporate, $61.23 million (+16.19%); and Meals & Rooms Tax, $109.39 million (+1.29%).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 the month of May were as follows: Insurance Tax, $6.54 million (+26.56%); Estate Tax, $0.61 million (-41.78%); Property Transfer Tax, $0.58 million (+18.81%); and Other , $3.97 million (-18.75%). Year to date results for these categories were: Insurance Tax, $52.96 million (+0.56%); Estate Tax, $13.59 million (-10.75%); Property Transfer Tax, $6.98 million (+5.30%); and Other , $69.04 million (+2.43%).Transportation FundSecretary Lunderville also reported on the results for the non-dedicated Transportation Fund Revenue for May. Total non-dedicated Transportation Fund receipts of $19.01 million for the month or +$0.36 million (+1.94%) were above the monthly target for May of $18.65 million. The year to date non-dedicated Transportation revenue was $189.55 million versus the target of $188.18 million (+$1.36 million, +0.72%).May s results were mixed, as were April s. Gasoline Tax, Diesel Fuel Tax, and Motor Vehicle Fees saw above target results; Motor Vehicle Purchase & Use and Other fell below target for the month. The Transportation Fund revenue results for May were: Gasoline Tax, $4.63 million or +3.40% above target; Diesel Tax, $1.20 million or +22.13% above target; Motor Vehicle Purchase & Use Tax, $4.06 million or -4.10% below target; Motor Vehicle Fees, $7.79 million or +5.92% ahead of target; and Other Fees, $1.33 million or -16.89% below the monthly target.The May year to date Transportation Fund revenue results were: Gasoline Tax, $55.93 million or +0.46% ahead of target, Diesel Tax, $13.03 million or -1.14% below target; Motor Vehicle Purchase & Use Tax, $40.62 million or +3.42% above target; Motor Vehicle Fees, $63.89 million or +0.93% above target; and Other Fees, $16.07 million or -4.05%, short of target. The Transportation Fund continues to exceed the target for FY 2010 and the results for the same period in FY 2009. Indications are that the vehicle sales have begun to rebound since the fall of 2009 and we are reasonably confident that this trend will continue into June, said Secretary Lunderville.Lunderville also reported on the results for the Transportation Infrastructure Bond Fund ( TIB ). TIB Fund Gas receipts for May were $1.19 million or 2.53% ahead of target; year to date ($12.06 million) remained below target by -0.82%. The TIB Fund Diesel receipts were $0.12 million or +4.38% above target for the month; year to date TIB Diesel receipts were $1.22 million or +37.62% ahead of target. The TIB Fund receipts are noted below the following table:Education FundThe the non-Property Tax Education Fund revenues (which constitute approximately 11% of the total Education Fund sources) were released today by Secretary Lunderville. The non-Property Tax Education Fund receipts for May totaled $11.54 million, or +$0.02 million (+0.16%) above the $11.52 million target for the month. Year to date, Education Fund revenues were $133.93 million or +0.70% ahead of target.The individual Education Fund revenue component results for May were: Sales & Use Tax, $7.75 million, or +1.66% ahead of target; Motor Vehicle Purchase & Use Tax, $2.03 million or -4.10%; Lottery Transfer, $1.75 million or -1.76%; and Education Fund Interest, $0.01 million against a target of $0 million. Year-to-date results were: Sales & Use Tax, $95.58 or +0.47%; Motor Vehicle Purchase & Use Tax, $20.31 million or +3.42%; Lottery Transfer, $17.93 million or 1.04%; and Education Fund Interest, $0.10 million or +8.41%.ConclusionSecretary Lunderville concluded, We remain cautious due to the fragility of the economic recovery, especially in light of the European situation and mixed indicators of consumer confidence and spending for May. The risk of the economy slipping into a double-dip recession remains. We still have a long climb back to fiscal health with continued pressure on the state budget and the impending loss of federal stimulus monies. Important indicators, such as personal income tax withholding, have not performed as expected. That said, we are pleased that for the first time in two fiscal years our current revenue forecast seems to be holding. We hope to finish the 2010 fiscal year close to target.Source: Lunderville’s office. 6.15.2010last_img read more

first_imgNorwich 2 QPR 1Grant Holt’s 73rd-minute goal gave Norwich victory at Carrow Road.The striker bundled home fellow substitute Wes Hoolahan’s right-wing cross only three minutes after the pair were brought on.AdChoices广告Norwich had taken the lead when Anton Ferdinand’s miscued clearance from Andrew Surman’s corner fell to Russell Martin, who smashed home.Ferdinand had earlier been rescued by Radek Cerny after the defender’s hesitation gave Steve Morison a sight of goal.Third-choice keeper Cerny played because Paddy Kenny, whose deputy Brian Murphy is sidelined, was himself ruled out with a muscle problem.Rangers were denied permission by the Premier League to sign a keeper on an emergency loan deal ahead of the game after learning that Kenny could be out for several weeks.Without Kenny and captain Joey Barton, who was suspended, the R’s battled spiritedly and equalised just after the hour mark, when Luke Young netted from the rebound after Jamie Mackie’s shot hit the post.But seconds after having a header blocked on the line by Shaun Derry, Holt was set up by Hoolahan for the winner.“I feel like we should have won that game,” said R’s boss Neil Warnock.“At half-time I said to the players I’d be disappointed if we drew, never mind lost. I feel robbed.“But then when you defend like we did, you probably don’t deserve to win. For the second goal we had chances to clear the ball.“The disappointing thing for me is that Norwich didn’t have to work for the goals – they were given them.”last_img read more