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
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State
revenues up, but mixed results
Montpelier,
VT - Secretary of Administration Michael K. Smith Announces March 2006 Revenue
Results For The State Of Vermont: March General and
Education Fund Revenues Positive; Transportation Fund Revenues fall below
projections.
General Fund
Secretary
of Administration Michael K. Smith released April 11 the General Fund revenue
results for the month of March, the ninth month of fiscal year 2006. General
Fund revenues totaled $74.11 million for March 2006, $1.78 million or 2.5% more
than 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 in
both personal and corporate income tax receipts, the next couple of months will
be critical in determining our revenue results for FY2006.
The
monthly targets reflect the most recent fiscal year 2006 Consensus Revenue
Forecast that was agreed to by the Emergency Board on January 11, 2006. The States Consensus Revenue Forecast is updated
two times per year in January and July.
Monthly
Personal Income Tax receipts, which are reported Net-of-Personal Income Tax
refunds, surpassed the target by $5.01 million or 60.4 % in March. This is a
notable accomplishment since it occurred when we had refunded nearly $4.5
million more than was expected in the cash flow target through March. Personal
Income Tax Receipts are by far the largest single state revenue source. Secretary
Smith also noted that the Corporate Income Tax surpassed projections during March,
resulting in an above target performance of $5.83 million or 51.5%. These
results indicate that corporate profitability remains upbeat in Vermont, as it has nationally.
The
consumption taxes were the poor performers for March. Receipts in the Rooms and
Meals 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%). Both
figures reflect actual purchases in February. Februarys poor weather contributed
to poor tourism revenues, resulting in lower than expected revenue performances
in these components for March, commented Smith.
Among
the 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 million
or -4.3%) receipts all performed below the latest targets for March. As
predicted, some of the Insurance Tax income in March may have been lower than
expected due to the rapid processing of tax receipts in February.
General
Fund By Major Element (In Millions)
Tax Component
FY05 YTD
FY06 YTD
% Change
March-05
March-06
% Change