State of Vermont
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Timothy McQuiston
4
26
2007-02-07T15:25:00Z
2007-02-06T22:58:00Z
2007-02-08T22:07:00Z
1
948
5406
BGS
45
12
6342
10.2625
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February 7, 2007
Montpelier, VT -
Secretary of Administration Michael K. Smith Announces Vermonts January
Revenue Figures General, Transportation and Education Funds Slightly Above
Target
General
Fund
Secretary of
Administration Michael K. Smith today released General Fund revenue results for
the month of January, the seventh month of fiscal year 2007. General Fund revenues totaled $133.19 million
for January 2007, +$1.28 million or +1.0 % above the $131.92 million consensus
revenue forecast for the month. We finished
the seventh month of fiscal year 2007 slightly above the new consensus revenue target
set at the January Emergency Board meeting.
The General Fund cumulative results continue just above target, with the
cumulative General Fund revenue at the end of January at $659.55 million, which
is +$1.28 million (+0.2%) above the General Fund cumulative revenue forecast,
said Smith.
The monthly
consensus cash flow targets reflect the most recent fiscal year 2007 Consensus
Revenue Forecast that was agreed to by the Emergency Board on January 16, 2007.
The States Consensus Revenue Forecast is updated two times per year, in
January and July.
Monthly Personal
Income Tax receipts, which are by far the largest single state revenue source, are
reported Net-of-Personal Income Tax refunds.
Personal Income Tax revenue was below target in January with $79.16
million in revenue or -$1.29 million below the monthly revenue target. The Corporate Income Tax (-$0.67 million or
-30.9%) also finished January below projections for the month. The Property Transfer (+$0.15 million or +13.5%)
and the Estate Tax (+$0.91 million or +65.9%) both surpassed revenue targets
for January.
Secretary Smith
noted that the Rooms & Meals Tax was slightly above target for January, with
$10.60 million in revenue to the General Fund, or +$0.15 million more than the
revenue target. Receipts in the Sales
& Use Tax category were slightly below projections in January, contributing
$28.26 million, or -$0.20 million below the revised revenue target.
Secretary Smith
concluded the discussion of General Fund results by noting that, The month of January
was slightly above target in meeting the newest consensus revenue targets set
earlier in the month.
General
Fund By Major Element (In Millions)
Tax Component
FY06 YTD
FY07 YTD
% Change
January-06
January-07
% Change
Personal
Income
$330.91