Vermont’s General Fund, Transportation Fund and Education Fund revenues all exceed August targets

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first_imgVermont Secretary of Administration Jeb Spaulding released the August 2011 General Fund (GF) Revenue results today. Led by an increase in personal income tax receipts, the most important component, General Fund revenues totaled $90.06 million for August 2011, and were +$10.89 million or +13.75 percent above the $79.17 million consensus revenue forecast for the month, more than covering the prior month’s shortfall. Year to date, General Fund revenues were $176.33 million, and +$6.00 million or +3.52 percent above the two month target of $170.33 million. August is the second month of fiscal year (FY) 2012. Spaulding commented, ‘August General Fund receipts allowed us to recoup a July shortfall and placed us a little ahead of our year-to-date target. In addition, the year-to-date August 2011 General Fund revenues exceeded 2010 receipts for the same period by +7.6 percent. While this is indeed good news, it is in the rearview mirror. Recent events, including the impacts from Tropical Storm Irene along with continuing global fiscal instability and looming federal cuts, require us to be especially cautious looking forward.’ Current targets reflect the Fiscal Year 2012 Consensus Revenue Forecast adopted by the Emergency Board at their July 21, 2011 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 providing approximately 50 percent of total GF revenue. PI Tax receipts are reported Net-of-Personal Income Tax refunds. Net Personal Income Tax is comprised of PI Withholding Tax, PI Estimated Payments, PI Refunds Paid, and PI Other. Net PI Receipts for August were recorded at $43.46 million, +$8.67 million or +24.94 percent above the monthly target of $34.78 million. Year to date, net PI Receipts were $87.97 million, +$5.08 million or +6.13 percent ahead of target. Corporate Income Taxes are also reported net-of refunds. August Corporate receipts of $1.99 million were +$0.62 million or +45.61 percent ahead of the monthly target of $1.37 million. Year to date Corporate receipts were $3.97 million, +$0.22 million or +5.86 percent ahead of target. Consumption tax results for August were mixed: Sales & Use Tax receipts of $17.34 million were slightly below target by -$0.04 million (-0.20 percent); Rooms & Meals Tax receipts of $12.42 million exceeded target by +$1.00 million (+8.72 percent). Year to date, both Sales & Use Tax ($38.66 million or +1.42 percent) and Rooms & Meals Tax ($22.79 million or +6.07 percent) were above target for August, as well as being above the two month total receipts for the prior year by +7.2 percent and +6.1 percent respectively. The remaining non-major 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 remaining non-major categories for August were as follows: Insurance Tax, $6.97 million (+1.80 percent); Inheritance & Estate Tax, $3.78 (+188.36 percent); Property Transfer Tax, $0.75 million (-2.22 percent); and ‘Other’, $3.35 million (-36.70 percent). The year to date August results for the remaining non-major categories were: Insurance Tax, $7.38 million (+3.77 percent); Inheritance & Estate Tax, $4.16 (+40.71 percent); Property Transfer Tax, $1.53 million (-5.34 percent); and ‘Other’, $9.86 million (-20.44 percent). Cumulatively, the total non-major component receipts of $22.93 million were below the prior year total of $27.73 million by -$4.80 million, or -17.31 percent. However, the shortfall versus prior year in ‘Other’ is due to one-time extraordinary settlement activity in Bank Franchise Tax during August of the prior year.  Education Fund Secretary Spaulding also released the ‘non-Property Tax’ Education Fund revenues (which constitute approximately 12 percent of the total Education Fund sources) today. The non-Property Tax Education Fund receipts for August totaled $12.97 million, or +$0.01 million (+0.06 percent) above the $12.96 million target for the month. Year to date, non-Property Tax Education Fund receipts were $26.26 million, or 0.55 percent ahead of the year to date target. The individual Education Fund revenue component results for August were: Sales & Use Tax, $8.67 million, or -0.21 percent below target; Motor Vehicle Purchase & Use Tax, $2.47 million or -5.88 percent; Lottery Transfer, $1.83 million or +10.88 percent above target; Education Fund Interest for August was essentially $0. Year to date receipts by component were: Sales & Use Tax, $19.33 million, or +1.42 percent above target; Motor Vehicle Purchase & Use Tax, $4.11 million or -6.95 percent; Lottery Transfer, $2.83 million or +6.78 percent above target; year to date Education Fund Interest was essentially $0. As compared to prior year, FY 2012 year to date non-Property Tax Education Fund receipts are 7.9 percent ahead of the FY 2011 results for the same period.  Transportation Fund The non-dedicated Transportation Fund Revenue for August was also reported on by Secretary Spaulding. Total non-dedicated Transportation Fund receipts of $20.12 million for the month exceeded target by +$0.41 million (+2.09 percent), against the monthly target of $19.71 million. The excess August receipts covered most of the July shortfall, leaving August year to date Transportation Fund receipts of $35.38 million short of the $35.42 million target by -$0.05 million or -0.13 percent. Compared to FY 2011, year to date August Transportation Funds receipts now exceed the prior year by +$0.30 million or +0.80 percent for the same period. Individual Transportation Fund revenue receipts components for August were mixed: Gasoline Tax, $5.52 million or +0.25 percent ahead of target; Diesel Tax, $1.82 million or +39.25 percent above target; Motor Vehicle Purchase & Use Tax, $5.04 million or -3.78 percent behind target; Motor Vehicle Fees, $6.57 million or +5.11 percent ahead of target; and Other Fees, $1.17 million or -16.74 percent short of the monthly target. Year to date results for the individual Transportation Fund revenue components for August were: Gasoline Tax, $10.63 million or +0.48 percent ahead of target; Diesel Tax, $2.32 million or +10.84 percent above target; Motor Vehicle Purchase & Use Tax, $8.32 million or -5.70 percent behind target; Motor Vehicle Fees, $11.62 million or +2.39 percent ahead of target; and Other Fees, $2.48 million or -3.54 percent short of the monthly target. Secretary Spaulding said, ‘The Transportation Fund revenue seems to be holding its own and is, in fact, slightly ahead of the receipts at this point last year, although two months is not sufficient to project a trend and the after effects of Irene will impact T-fund revenues as well.’ The Secretary also reported on the results for the Transportation Infrastructure Bond Fund (’TIB’). TIB Fund Gas receipts for August were $1.98 million or +19.10 percent in excess of target; year to date TIB Gas receipts were $3.58 million or +12.34 percent ahead of target. TIB Fund Diesel receipts for the month were $0.22 million or -9.60 percent short of the monthly target; year to date TIB Diesel receipts were $0.28 million or -14.69 percent short of target. TIB Fund receipts are noted below the following table: center_img Conclusion Secretary Spaulding concluded, ‘Vermont’s August revenue results continued in line with the slow but steady recovery we had been experiencing. The future, however, is far from certain. We have yet to fully assess the recovery costs and economic impact of Irene on Vermont’s citizens, businesses and State operations. Additionally, global fiscal instability, paralysis in Washington, and unknown federal cuts continue to loom on the horizon. President Obama’s proposed Jobs Bill and the influx of federal disaster funds into Vermont may well have some positive economic impact on Vermont, although, it is too soon to tell how much and how the Jobs Bill will fair in Congress. We will continue our efforts to assess Irene’s impact, keep a close eye on our revenue performance over the next couple of months, and closely watch the wrangling in Washington over federal funding cuts and the Jobs Bill.’last_img read more

Governor Wolf Continues ‘Jobs that Pay’ Tour at Dura-Bond Pipe

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first_img May 26, 2017 Governor Wolf Continues ‘Jobs that Pay’ Tour at Dura-Bond Pipe Economy,  Jobs That Pay,  Press Release McKeesport, PA – Governor Tom Wolf today continued his ‘Jobs that Pay’ tour at the Dura-Bond Industries (Dura-Bond) steel pipe plant in McKeesport. Headquartered in Export, Pa., Dura-Bond announced in January its acquisition of the former U.S. Steel Tubular Products pipe mill in Allegheny County, which it anticipates will create 100 new jobs.“Dura-Bond tells an incredible story about bringing manufacturing jobs back to the United States, thanks to the company’s legacy of manufacturing in Pennsylvania, its proximity to our steel-making centers, and our state’s abundant natural gas supply,” said Governor Wolf. “Companies like Dura-Bond exemplify my commitment to growing Pennsylvania’s economy and creating – and keeping – jobs in our state.”Before it closed in 2014, the former U.S. Steel Tubular Products operation in McKeesport had produced the pipe used in projects that included the Sunoco Logistics’ Mariner East project. Later, Sunoco sourced its pipe from producers in other states, with Dura-Bond providing much of the coating.In 2016, Dura-Bond acquired the plant, announcing its plans to reactivate the operation to manufacturer smaller, midstream pipe.Governor Wolf was joined by Dura-Bond President Jason Norris and other leadership, as well as McKeesport Mayor Mike Cherepko, Senator Jim Brewster (D-45) and State Representative Eric Nelson (R-57). Today’s facility tour follows a visit by Department of Community and Economic Development Secretary Dennis Davin in April 2017.Dura-Bond, originally established in 1960 to provide corrosion protective services for steel manufacturers, now owns and operates four companies: Dura-Bond Steel, Inc., in Export, Pa., producing structural steel for the marine and heavy highway markets and offering protective specialty coatings for steel products; Dura-Bond Pipe, LLC in Steelton, Pa., manufacturing steel line pipe and providing internal and external coating; Dura-Bond Pipe McKeesport LLC, manufacturing steel line pipe; and Dura-Bond Coating, Inc., in Duquesne, Pa., offering coatings and a complete line of pipeline products.Find out more about Governor Wolf’s commitment to growing Pennsylvania’s economy.For more information on the Department of Community and Economic Development, visit dced.pa.gov.Governor Wolf is in the Northwest as part of a three-day trip to announce jobs, tour economic development projects, and visit the Erie VA Medical Center.center_img SHARE Email Facebook Twitterlast_img read more

Markovic set for Liverpool

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first_img The Benfica winger has been on Merseyside to undergo a medical and Press Association Sport a deal is likely to be finalised on Tuesday. His arrival will take Rodgers’ spending close to £60million after Liverpool triggered the 20-year-old’s £20million release clause just a year after the Serbian moved to Portugal. Liverpool are set to complete their fourth signing of the summer with the capture of Lazar Markovic. Press Associationcenter_img Rickie Lambert, Adam Lallana and Emre Can have already been added to the squad while negotiations are continuing in an attempt to sign Belgium’s Lille striker Divock Origi. Rodgers is looking to strengthen further following the £75million departure of Luis Suarez to Barcelona, which is expected to be completed later this week. Reds forward Iago Aspas has returned to Spain on a year-long loan with Sevilla after a disappointing maiden season having moved from Celta Vigo last summer. The Spanish outfit announced the clubs had agreed a loan deal, with the option for them to sign Aspas on a permanent deal. Aspas’ departure may help in Liverpool’s pursuit of the Spanish left-back Alberto Moreno. The two clubs appeared to have reached an impasse over the defender’s fee, with the Merseysiders unwilling to meet a £20million valuation, but talks have continued. last_img read more