Personal income leads Vermont revenue increase

first_imgThe vital personal income tax, up over 5 percent, rebounded last month to once again push Vermont tax receipts ahead of targets, if only modestly. Another positive sign for the economy is that all consumption taxes – sales, meals and rooms, gasoline, vehicle purchase – showed growth, even if only slightly in some cases.Today, Secretary of Administration Jeb Spaulding released the November 2011 General Fund (GF) revenue results. November is the fifth month of fiscal year (FY) 2012. General Fund revenues totaled $78.60 million for November 2011, and were +$2.19 million or +2.87% above the $76.41 million consensus revenue forecast for the month. Year to date, General Fund revenues were $472.64 million, and +$12.13 million or +2.63% above the target of $460.51 million for FY 2012. Cumulatively, General Fund receipts through November 31, 2011 now exceed the prior fiscal year (FY 2011) to date receipts as of November 31, 2010 by +5.61%.‘Naturally, we are pleased that General fund revenues continued a positive trend for the month and through the first five months of the fiscal year. All four of the major tax sources – Personal Income, Sales & Use, Rooms and Meals, and Corporate Income – are ahead of target and last year’s actual results, for the month and year to date,’ said Secretary Spaulding.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. The next Emergency Board meeting is scheduled for January 18, 2012.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 November were recorded at $35.88 million, +$1.80 million or +5.28% above the monthly target of $34.08 million. Year to date, Net PI Receipts were $231.92 million, +$2.45 million or +1.07% ahead of target.Corporate Income Taxes are also reported net-of refunds and account for approximately 18.9% of annual General Fund Revenue. November Net Corporate Receipts of $0.82 million were +$0.71 million or +624.87% ahead of the monthly target of $0.11 million. Year to date Corporate receipts were $31.31 million, +$10.19 million or +48.24% ahead of target; these results are also 19.10% ahead of the same period in the prior fiscal year.Secretary Spaulding explained, ‘While Net Personal Income Tax receipts are holding slightly ahead of target on a cumulative basis (+1.07%), we do have some concerns in regard to cumulative Corporate Income Tax receipts. Taking a closer look at the individual Corporate Income Tax components shows that the above target performance has been driven by lower Corporate Refund activity and higher Corporate Estimated payment receipts than projected. We believe there is a chance that a good deal of these above target receipts may be offset by higher refunds next spring.’Consumption tax results for November were above target for the month: Sales & Use Tax receipts of $18.53 million were above target by +$0.72 million (+4.02%); Rooms & Meals Tax receipts of $11.14 million exceeded target by +$0.49 million (+4.61%). Year to date, Sales & Use Tax receipts of $95.02 million exceeded target by +$0.10 million or +0.11% and Rooms & Meals Tax receipts of $57.62 are above target by +$2.22 million or +4.01% for the current fiscal year (FY 2012). As compared to the same period for the prior fiscal year (FY 2011), cumulative November consumption taxes (Sales & Use, and Meals & Rooms) exceeded the prior year results by +5.30% and 4.01% 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 November were as follows: Insurance Tax, $6.25 million (-6.94%); Inheritance & Estate Tax, $1.50 (-0.62%); Property Transfer Tax, $0.54 million (-31.48%); and ‘Other’, $3.93 million (-16.90%). The year to date November results for the remaining non-major categories were: Insurance Tax, $14.83 million (-2.41%); Inheritance & Estate Tax, $8.09 (+1.37%); Property Transfer Tax, $3.56 million (-11.66%); and ‘Other’, $30.31 million (-6.49%). Cumulatively, the total non-major component receipts of $56.79 million were below the prior year total of $60.94 million by -$4.15 million, or -6.81%. However, the shortfall versus prior year in ‘Other’ is primarily due to one-time extraordinary settlement activity in Bank Franchise Tax during August of the prior year.Transportation FundSecretary Spaulding also released the non-dedicated Transportation Fund Revenue for November. Total non-dedicated Transportation Fund receipts of $17.59 million for the month exceeded target by +$2.58 million (+17.16%), against the monthly target of $15.01 million. The November year to date Transportation Fund receipts of $90.24 million was ahead of the $88.70 million target by +$1.54 million or +1.74%. Year to date November FY 2012 non-dedicated Transportation Funds have now exceeded the prior year (FY 2011) by 1.40% for the same four month period.Individual Transportation Fund revenue receipts components for November all exceeded target for the month: Gasoline Tax, $4.86 million or +1.31% above target; Diesel Tax, $1.58 million or +51.57% above target; Motor Vehicle Purchase & Use Tax, $4.31 million or +18.64% ahead of target; Motor Vehicle Fees, $5.47 million or +17.96% above; and Other Fees, $1.37 million or +51.74% above the monthly target. Year to date results for the individual Transportation Fund revenue components for November were: Gasoline Tax, $26.16 million or -0.08% short of target; Diesel Tax, $6.35 million or +6.58% above target; Motor Vehicle Purchase & Use Tax, $22.04 million or -1.82% behind target; Motor Vehicle Fees, $28.81 million or +3.74% ahead of target; and Other Fees, $6.88 million or +8.58% above the monthly target.Secretary Spaulding said, ‘November was by far the best month the Transportation Fund has experienced to date this fiscal year (FY 2012), recouping all of the below target receipts through October and more. The fact that each individual Transportation Fund tax component was favorable to target for the month was especially good news. Cumulatively, the non-dedicated Transportation Fund receipts through November are +1.40% ahead of the prior fiscal year (FY 2011) but remains -4.20% below the FY 2008 total for the same five-month period.’The Secretary also reported on the results for the Transportation Infrastructure Bond Fund (’TIB’). TIB Fund Gas receipts for November were $1.74 million or +18.12% in excess of target; year to date TIB Gas receipts were $9.19 million or +16.39% ahead of target. TIB Fund Diesel receipts for the month were $0.21 million or +26.87% above the monthly target; year to date TIB Diesel receipts were $0.77 million or +6.08% ahead of target. The Secretary reiterated his comments from last month by stating that, ‘Our access to additional bonding capacity due to the cumulative above target results for TIB, is important to remember, should it be needed for Tropical Storm Irene related transportation infrastructure.’ The TIB Fund receipts are noted below the following table:Education FundToday, Secretary Spaulding released the ‘non-Property Tax’ Education Fund revenues (which constitute approximately 12% of the total Education Fund sources). The non-Property Tax Education Fund receipts for November totaled $13.47 million, or +$0.84 million (+6.65%) above the $12.63 million target for the month. Year to date, non-Property Tax Education Fund receipts were $66.44 million, or -0.57% short of the year to date target. The individual Education Fund revenue component results for November were: Sales & Use Tax, $9.27 million, or +4.02% above target; Motor Vehicle Purchase & Use Tax, $2.16 million or +18.64%; Lottery Transfer, $2.05 million or +7.49% above; Education Fund Interest for November was under $0.01 million against a similar target. Year to date receipts by component were: Sales & Use Tax, $47.51 million, or +0.11% ahead of target; Motor Vehicle Purchase & Use Tax, $11.02 million or -1.82%; Lottery Transfer, $7.89 million or -3.07% below target; year to date Education Fund Interest for November was under $0.02 million against a target of below $0.01 million. As compared to prior year, FY 2012 year to date non-Property Tax Education Fund receipts are 5.40% ahead of the FY 2011 results for the same period.ConclusionSecretary Spaulding concluded, ‘It is definitely good news that the General Fund has exceeded target for the fourth consecutive month. However, uncertainty from the continuing global economic instability and the unknown extent of federal budget cuts require us to remain cautious. While the current results indicate a positive note for the current fiscal year (FY 2012), there remains a good deal of uncertainty for FY 2013. We look towards the January Consensus Revenue Forecast revision, scheduled for consideration by the Emergency Board on January 18, 2012, with interest and what we hope will be a clearer picture of the revenue future for our three major funds.’ Administration. 12.16.2011last_img read more

Environment Agency pension fund to ramp up private debt investments

first_imgThe UK’s Environment Agency Pension Fund (EAPF) is looking to increase investment in private debt funds this financial year as it continues to diversify growth assets as part of strategy changes agreed in 2015.This strategy involves reducing equity risk and creating a “high level” allocation to diversifying growth assets as an alternative to low-returning bonds.The diversifying-growth allocation consists of a 12% allocation to real assets, 5% to growth fixed income and 5% to private debt/illiquid credit.As part of the latter, the £2.73bn* (€3.47bn) EAPF worked with other Local Government Pension Schemes (LGPS) and UK pension funds to create a private debt fund, run by BlueBay Asset Management, that is tailored to the particular needs of LGPS. “We are looking to invest in one or two more funds in this area during 2016-17 on a similar basis,” said the EAPF in its recent annual report.The EAPF invested £50m in the BlueBay Direct Lending Fund in the 2015-16 financial year, according to its annual report.Its real assets portfolio stands at £330m, or 12.1% of the fund, as at 31 March, counting investments and undrawn commitments.“Despite a lot of demand from investors,” the fund said, “we have found some good opportunities, partly through focusing on partnerships and innovative structures.”It highlighted investments in UK wind – with fund manager Temporis – and UK and European renewable energy – with Copenhagen Infrastructure Partners.As concerns the fund’s bond allocation, it moved from a passive mandate to a “buy and maintain” basis, which it said provided “a low-cost portfolio with a better balance and more consideration of environmental, social and governance issues than an indexed allocation would achieve”.Last year also saw the EAPF launch a policy to address the impact of climate change, aimed at ensuring its investments were in line with keeping global warming to below 2°C pre-industrial levels.Analysis done for the policy influenced the EAPF’s decision to reduce its exposure to UK equities.The pension fund also reviewed its exposure to “value equities” – value being the factor driving the equity selection. It decided to keep this exposure but is looking for “options to reform it into an approach that is both ‘low carbon’ and ‘value”.As a first step in this process, it has switched smart beta indices, moving from a Research Affiliates Fundamental Index (RAFI) tracking 3,000 companies to the RAFI 1000 index, which has lower carbon exposure.The EAPF had some £100m invested in the value-orientated equity strategy as at 31 March.The fund is also understood to be continuing to look for private equity funds combining high return and strong sustainability credentials.These investment plans come as the EAPF and nine other funds work to develop an asset pool to meet government requirements. The grouping has been named the Brunel Pension Partnership and, like other LGPS pools being developed, submitted a proposal to the government in time for a 15 July deadline. Risk aversion rewardsThe EAPF has a target for 25% of the fund to be invested in the “sustainable and green economy”, and it said it has delivered on this.As at 31 March, 28% (£769m) of its assets were invested in companies with more than 20% of revenues derived from energy efficiency, alternative energy, water and waste treatment, and public transport, and investing in property and infrastructure funds with low carbon or strong sustainability criteria.The EAPF posted a return of 2.3% for its active fund in the year to 31 March, with assets growing by £73m to £2.73bn. The overall return of 2.3% for the last financial year outperformed the fund’s strategic benchmark by 2.6 percentage points (the benchmark posted a loss of 0.3%).Clive Elphick, chairman of the pensions committee, said: “The outperformance in the year was due to the benefits of the risk-averse stance we have chosen to take to support the fund in more difficult markets.”The EAPF’s CIO recently told IPE the fund’s investment strategy had sheltered it from the impact of the Brexit vote. In its 2016 annual report, the pension fund also noted that its investment performance was helped by the fund’s having significantly reduced its exposure to high carbon assets, sheltering it from the fall in the oil price.*As at 31 March 2016. The fund recently told IPE it had £2.9bn in assets at the end of June 2016.last_img read more

Yasiel Puig back with Dodgers, will start tonight vs Padres

first_img Newsroom GuidelinesNews TipsContact UsReport an Error Coincidentally, Puig made his major-league debut against the Padres on June 3, 2013, making a splash with two hits and a game-ending throw from deep right field to double a runner off first base. The Dodgers have made multiple attempts to trade Puig both leading up to the trade deadline and again after placing him on waivers this past week. Though Puig was reportedly claimed by multiple teams, the Dodgers did not work out a trade and pulled him back from waivers.Puig’s demotion to Triple-A was related, at least in part, to the Dodgers’ acquisition of Josh Reddick from the A’s at the trade deadline. But Reddick has been thoroughly unproductive in the lineup, batting .161 (14 for 87) with one extra-base hit (a double) and one RBI in 25 games for the Dodgers.Puig’s return was also prompted by the Dodgers’ ongoing struggles against left-handed pitching — like Richard.Roberts said he and Dodgers president of baseball operations Andrew Friedman met with some veteran players to discuss Puig’s return before this move was made.“Andrew and I brought in some veteran players and ran the idea by them and our thoughts, some positives, some negatives,” Roberts said. “We just wanted to keep the lines of communication open and felt it was fair to be honest with the players.”center_img LOS ANGELES — Yasiel Puig will be back in right field for the Dodgers tonight.Dodgers manager Dave Roberts confirmed this afternoon on MLB Network Radio that Puig will be recalled from Triple-A Oklahoma City and added that Puig will be in the starting lineup tonight against Padres left-hander Clayton Richard.“Yasiel has done everything that we asked of him and performed for that Oklahoma City team,” Roberts said. “As we talked through things, we felt ultimately he makes us better.”Puig was demoted to OKC after the trade deadline and played 19 games there, batting .348 (24 for 75) with four home runs, 12 RBI, 12 runs scored and a .994 OPS.last_img read more

Mark Giordano injury update: Flames captain a game-time decision against Bruins

first_img“Well, he’s your captain so it’s a huge piece for us,” interim head coach Geoff Ward said Wednesday after Giordano went down. “Not only are you losing a guy on the top two of your defensemen but you’re also losing, potentially, your leader, if it turns out to be something serious for some period of time. So any time you lose a guy of that stature out of your lineup, it has the potential of having a big impact.”Getting the defending Norris Trophy winner back now is big for the Flames, who are battling for a playoff spot, especially since they’ve not only been without Giordano but veteran defenseman Travis Hamonic due to injury.Before the trade deadline, they acquired defensemen Erik Gustafsson from the Blackhawks and Derek Forbort from the Kings to not only upgrade the backline but also to provide depth and insurance. The Calgary Flames’ postseason push is heating up, and they may be getting back defenseman Mark Giordano just in time.Following the team’s morning skate in Boston, the captain told reporters he is hopeful he can get back in the lineup Tuesday night against the Bruins or Thursday in Nashville. It’s been three weeks since Giordano last played in a game. In the second period of a Feb. 4 loss to the San Jose Sharks, he carried the puck down the left wing before dishing it off below the goal line. He skated around the net and got the pass back in the right dot where he shot the puck from one knee and then appeared to do a split. Giordano was slow to get up and was seen favoring his right leg as he went to the bench.Mark Giordano got hurt with 6:25 left in the 2nd period and the Calgary Flames say he is out of the game with a lower-body injury. pic.twitter.com/cN1gdKuwtD— zach laing (@zjlaing) February 5, 2020TRADE DEADLINE WINNERS AND LOSERS: Oilers, Hurricanes seize the dayDuring the next commercial break, he tested things out but ended up going straight to the locker room. Rumors swirled after the game that a member of the Sharks overheard Giordano say he “tore his hamstring.” Two days later, general manager Brad Treliving confirmed that Giordano had been placed on IR and was officially listed as week-to-week with a hamstring injury. He also stated that Giordano avoided the need for surgery, via Sportsnet’s Pat Steinberg.”Any time you lose players, that’s not what you want. But at the same time, if you miss a guy for a game or longer, it’s a hole in your lineup so now you need people to step up,” Treliving said. “It’s not only opportunity for other people but we think we’ve got good players that now people have to absorb this loss. … The good news is, we are going to get Gio back, we just don’t know when yet.””We’ve got good news. In our mind, we dodged a big bullet where it could have been long-term … this is not as long-term as we initially feared.”#Flames general manager Brad Treliving gives an update on Mark Giordano. pic.twitter.com/WQZdPTXeqk— Calgary Flames (@NHLFlames) February 6, 2020The loss of the Flames’ top defenseman at that juncture of the season for any amount of time left a massive hole on the blue line. Prior to the injury, Giordano was leading all Calgary players with a CF% Rel of 59.21 in 11 minutes and four seconds of ice time in the game.TRADE DEADLINE: Tracker | Best, worst dealsEntering his last game, he was leading the team with a 52.39 CF% and an xGF of 35.77. At 36, he was leading the team and 15th in the NHL among defensemen in average time on ice at just over 24 minutes per game. In 54 games this season, he has five goals and 22 assists, including one on Johnny Gaudreau’s goal against Aaron Dell and the Sharks. last_img read more

QPR striker ‘heading towards Sheffield Wednesday move’

first_imgQPR striker Jay Bothroyd is heading towards a move to Sheffield Wednesday, according to The Sun.Bothroyd played for Cardiff under Owls boss Dave Jones, who is reported to be tracking him after deciding not to sign Marlon Harewood.Bothroyd can leave QPR.Jones is apparently willing to pay £1m for the England international, who has been told he can leave Loftus Road.Meanwhile, West Ham have failed with an attempt to sign Clint Dempsey from Fulham, the Daily Mail say.The Hammers are said to have made an approach for the American, who has been linked with several clubs this summer.Marseille want Gael Kakuta in exchange for Cesar Azpilicueta if they are to sell the Spanish right-back to Chelsea, according to the Daily Mirror.It is claimed Marseille have rejected a £5m bid for Azpilicueta and are holding out for more money but also fancy Kakuta either on loan or in a permanent player-plus-cash deal.It follows an interview with L’Equipe in which Kakuta, 21, appeared to suggest he wants to return to France and that Marseille are one of the clubs he would be interested in joining.The Mail say Chelsea are refusing to be held to ransom in their pursuit of long-term targets Edinson Cavani and Hulk.The Blues are reportedly threatening to withdraw from both chases, with Napoli striker Cavani believed to be haggling over wages and Porto keen to negotiate a higher price for Hulk.This page is regularly updated.See also:Wednesday may struggle to prise away QPR man – report Follow West London Sport on TwitterFind us on Facebooklast_img read more

South Africans ‘more STI savvy’

first_img24 February 2006South Africans are increasingly aware of the dangers of sexually transmitted infections (STIs) and the need to inform their partners and seek treatment when infected, says the Department of Health.Speaking in Ladysmith in KwaZulu-Natal on Thursday, Health Minister Manto Tshabalala-Msimang said statistics from the SA Health Review and other sources indicate that South Africans have become better at notifying their partners when they became infected and seeking treatment together.The notification rate had doubled from around 39% in 2000 to 83% in 2004, the minister said, while the percentage of patients whose partners were subsequently treated had increased from around 15% in 2000 to 24% in 2004.“This indicates that we are moving in the right direction, but it is not enough,” Tshabalala-Msimang said. “We are going to push harder and ensure that both partners ultimately visit our health facilities for treatment.”The prevalence of STIs such as syphilis is also on the decline. In 1999, the Department of Health recorded a rate of 7.3% for syphilis infection among pregnant mothers attending public sector antenatal clinics. By 2004, this figure had dropped to 1.6%.“This is a very significant drop in the prevalence rate of this particular STI and it is an indication that our public health awareness campaigns and treatment interventions are becoming effective,” Tshabalala-Msimang said.The minister was speaking at an event to mark the end of national STIs and Condom Week. The week featured community events, TV adverts and radio campaigns to highlight the importance of preventing and treating sexually transmitted infections and promoting the use of condoms.STIs increase the risk of HIV infection and some may lead to infertility, particularly among women.The minister also noted that the distribution of free male and female condoms approved by the South African Bureau of Standards for quality was increasing.“We realised that people found the packaging for the previous public sector condoms unappealing,” Tshabalala-Msimang said. “We redesigned these condoms to a funky blue-and-yellow Choice brand, and distribution has been increasing ever since, rising from 150-million in 1997 to more than 300-million last year.“Female condom distribution also rose, from 1.3-million in 2003 to 2.6-million in 2004.”She said the government would continue to campaign for the prevention and management of STIs, abstinence, faithfulness to one partner and consistent condom use.Source: BuaNews Want to use this article in your publication or on your website?See: Using SAinfo materiallast_img read more