State revenues up, but mixed results

first_imgThemonthly targets reflect the most recent fiscal year 2006 Consensus RevenueForecast that was agreed to by the Emergency Board on January 11, 2006. The States Consensus Revenue Forecast is updatedtwo times per year in January and July. Tax Component % Change Amongthe other General Fund revenue categories, Insurance Tax (-$7.00 million or -47.0%),Estate Tax (-$0.34 million or -29.3%) and Property Transfer Tax (-0.38 millionor -4.3%) receipts all performed below the latest targets for March. Aspredicted, some of the Insurance Tax income in March may have been lower thanexpected due to the rapid processing of tax receipts in February. Montpelier,VT – Secretary of Administration Michael K. Smith Announces March 2006 RevenueResults For The State Of Vermont: March General andEducation Fund Revenues Positive; Transportation Fund Revenues fall belowprojections. General Fund FY06 YTD General Fund By Major Element (In Millions) March-05 PRESS RELEASE RHofmann Timothy McQuiston 3 5 2006-04-10T21:58:00Z 2006-04-11T15:17:00Z 2006-04-11T15:21:00Z 1 920 5245 State of Vermont 43 12 6153 10.2625 Print MicrosoftInternetExplorer4st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”;} Staterevenues up, but mixed results FY05 YTD % Change Theconsumption taxes were the poor performers for March. Receipts in the Rooms andMeals Tax were below expectations (-$1.06 million or -8.7%). Receipts in Sales& Use Tax were also below projections (-$0.77 million or -4.8%). Bothfigures reflect actual purchases in February. Februarys poor weather contributedto poor tourism revenues, resulting in lower than expected revenue performancesin these components for March, commented Smith. March-06 Secretaryof Administration Michael K. Smith released April 11 the General Fund revenueresults for the month of March, the ninth month of fiscal year 2006. GeneralFund revenues totaled $74.11 million for March 2006, $1.78 million or 2.5% morethan the $72.34 million consensus revenue target for the month. Year to date,General Fund revenues totaled $785.97 million. However, Secretary Smith cautioned,Although we continued to exceed targets in March, with positive results inboth personal and corporate income tax receipts, the next couple of months willbe critical in determining our revenue results for FY2006. MonthlyPersonal Income Tax receipts, which are reported Net-of-Personal Income Taxrefunds, surpassed the target by $5.01 million or 60.4 % in March. This is anotable accomplishment since it occurred when we had refunded nearly $4.5million more than was expected in the cash flow target through March. PersonalIncome Tax Receipts are by far the largest single state revenue source. SecretarySmith also noted that the Corporate Income Tax surpassed projections during March,resulting in an above target performance of $5.83 million or 51.5%. Theseresults indicate that corporate profitability remains upbeat in Vermont, as it has nationally.last_img

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