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

Day takes advantage of size mismatch, turns in all-around dominant performance against N.C. State

first_img Facebook Twitter Google+ Published on January 25, 2015 at 7:42 pm Contact Josh: [email protected] With an eight-inch height differential, North Carolina State’s Miah Spencer proved no match for Syracuse center Briana Day. As SU forward Taylor Ford was guarded by Wolfpack center Carlee Schuhmacher at the right elbow, the 6-foot-4 Day found herself alone underneath the basket, caught a pass from Ford and banked in a layup while being fouled by the 5-foot-8 Spencer. After the play, SU reserve center Bria Day, Briana’s twin sister, turned to SU graduate assistant Kathleen Moroney on the bench. The assistant flipped through a pile of stat sheets and said to Bria Day, “Three more blocks for a triple-double.”Though that feat never came to fruition, Briana Day clogged the stat sheet on Sunday in SU’s matchup with N.C. State. The center finished with 11 points, 16 rebounds and seven blocks, and aided the No. 23 Orange (15-5, 5-2 Atlantic Coast) in its 66-49 victory over the Wolfpack (12-8, 3-4). “Briana Day was a beast down there,” Syracuse head coach Quentin Hillsman said. “Anything in that paint, she went and she got it.AdvertisementThis is placeholder text“She had a big girl game.” In a 33-second sequence at the midway point of the first half, Day swiped a steal from Schuhmacher. Seconds later, Day blocked a 3-point attempt from Wolfpack guard Ashley Williams. SU went to Day on its first two possessions of the second half, the second resulting in a layup from underneath the basket on a feed from Isabella Slim that ended a nine and a half minute stretch for SU without a field goal. “She’s a lot quicker, so if we can take advantage of her matchup as well as our guard matchups, we’ll be a better team,” said SU point guard Alexis Peterson. “I wanted to feed her, get her going early, and get her some looks inside.”Five minutes later, Day spun to her left hand and laid in a scoop layup while being fouled. She was poked in the right eye by Schuhmacher, and had to take a moment with the help of a trainer to readjust her contact lens.After the game, Hillsman said SU’s offense did a good job of recognizing when the N.C. State defense spread the floor and created room for Day to maneuver in the paint. On defense, the head coach said Day allowed SU to “scramble and to go get traps.”Hillsman said Day’s performance reminded him of one that would come from Kayla Alexander, the program’s leading scorer and a WNBA first-round draft pick. “When teams broke us down, Kayla was there to block shots, and Briana Day is there to block shots,” Hillsman said. “I really believe that Briana is a little more athletic than Kayla in her movements, but I guess I shouldn’t say that about a 2,000-point scorer.”Day said she knew how well she was playing as the game went on. In an SU huddle after a Brianna Butler made 3-pointer, the normally stoic Day let out a brief smile. It was an emotion enabled by an all-around dominant performance, and one that her teammates had a sense of early on.“When I notice that she has a lot of rebounds, I try to tip it to her,” Ford said. “I’m always trying to help her out. When I feel like my teammates are playing good, keep rewarding them … If Briana has 16 rebounds and 7 blocks, why not let her get more?” Commentslast_img read more