Vermont Secretary of Administration Neale F Lunderville released the April 2010 General Fund Revenues today. April is the 10th month of fiscal year (FY) 2010. General Fund revenues totaled $134.84 million for April 2010, were +$9.52 million or +7.60% above the $125.31 million consensus revenue forecast for the month. These results pushed the year to date General Fund revenues of $883.28 million ahead of the year to date target by +$7.50 million, or +0.86%.
The monthly targets reflect the revised Fiscal Year 2010 Consensus Revenue Forecast approved by the Emergency Board at their January 13, 2010 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.
Personal Income Tax receipts are the largest single state revenue source, and are reported Net-of-Personal Income Tax refunds. Personal Income Tax receipts for April of $91.28 million were +$6.90 million or +8.18% above the monthly target of $84.38 million.
Secretary Lunderville said: April is the month that sees the largest single-month receipts in the year and can make or break the revenue forecast for the remainder of a fiscal year. April s favorable General Fund results have diminished the chance for a surprise shortfall during the remaining two months of fiscal year 2010. Despite the fact that Personal Income Tax receipts are still -$2.92 million short of the year to date target, the above target performance in Corporate Income Tax, Sales & Use Tax, and Meals & Rooms Tax pushed the year to date results above target.
Corporate Income Taxes, which are also reported net-of refunds, were above target for April with receipts of $10.49 million against a target of $6.83 million or +$3.66 million (+53.51%). The consumption taxes also exceeded target for the month. Sales & Use Tax of $16.57 million was above target by +$0.03 million (+0.17%), and Rooms & Meals Tax receipts of $9.59 million exceeded target by +$0.25 million (+2.65%) for April.
The year to date results for the four major General Fund categories are as follows: Personal Income Tax, $415.36 million (-0.70%); Sales & Use Tax, $175.67 million (+0.36%); Corporate, $59.10 million (+15.15%); and Meals & Rooms Tax, $102.27 million (+1.46%).
The remaining 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 month of April were as follows: Insurance Tax, $0.22 million (-156.52%); Estate Tax, $0.81 million (-40.74%); Property Transfer Tax, $0.62 million (+34.97%); and Other , $5.25 million (-22.62%). Year to date results for these categories were: Insurance Tax, $46.42 million (-2.26%); Estate Tax, $12.99 million (-8.47%); Property Transfer Tax, $6.40 million (+4.23%); and Other , $65.07 million (+4.09%).
Transportation Fund
The results for the non-dedicated Transportation Fund Revenue were also reported on by Secretary Lunderville. Total non-dedicated Transportation Fund receipts of $18.92 million for the month or +$0.72 million (+3.96%) were above the monthly target for April of $18.20 million. The year to date non-dedicated Transportation revenue was $170.53 million versus the target of $169.53 million (+$1.00 million, +0.59%).
April results were mixed. Gasoline Tax and Motor Vehicle Purchase & Use Taxes were above target; Diesel Fuel Tax, Motor vehicle Fees and Other fell below target for the month. The Transportation Fund revenue results for April were: Gasoline, $4.81 million or +4.44% above target; Diesel Tax, $0.84 million or -14.21% below target; Motor Vehicle Purchase & Use Tax, $4.74 million or +20.59% above target; Motor Vehicle Fees, $6.89 million or -2.15% short of target; and Other Fees, $1.63 million or -0.15% below the monthly target. The April year to date Transportation Fund revenue results were: Gasoline, $51.30 million or +0.20% ahead of target, Diesel Tax, $11.83 million or -3.01% below target; Motor Vehicle Purchase & Use Tax, $36.56 million or +4.33% above target; Motor Vehicle Fees, $56.10 million or +0.27% above target; and Other Fees, $14.74 million or -2.69%, short of target. As with the General Fund results, the positive overall April results indicate that we may well remain on or slightly above target for the year, said Secretary Lunderville.
Secretary Lunderville also reported on the results for the Transportation Infrastructure Bond Fund ( TIB ). TIB Fund Gas receipts for April were $1.19 million or -0.84% below target and year to date ($10.86 million) remained below target by -1.18%. The TIB Fund Diesel receipts were $0.09 million or -19.61% below target for the month. Year to date TIB Diesel receipts were $1.09 million or +42.75% ahead of target. The TIB Fund receipts are noted below the following table:
Education Fund
The the non-Property Tax Education Fund revenues (which constitute approximately 11% of the total Education Fund sources) were released today by Secretary Lunderville. The non-Property Tax Education Fund receipts for April totaled $12.37 million, or +$0.29 million (+2.39%) above the $12.08 million target for the month. Year to date, Education Fund revenues were $122.39 million or +0.76% ahead of target.
The individual Education Fund revenue component results for April were: Sales & Use Tax, $8.29 million, or +0.17% ahead of target; Motor Vehicle Purchase & Use Tax, $2.37 million or +20.58%; Lottery Transfer, $1.70 million or -7.21%; and Education Fund Interest, $0.01 million or +29.00%. Year-to-date results were: Sales & Use Tax, $87.83 or +0.36%; Motor Vehicle Purchase & Use Tax, $18.28 million or +4.33%; Lottery Transfer, $16.18 million or 0.96%; and Education Fund Interest, $0.09 million or -1.83%.
Conclusion
Secretary Lunderville commented: The U.S. economy and the Vermont economy remain on a modest and still fragile path toward recovery. Consumer confidence and spending has begun to inch up from historically low levels. The national labor market experienced its fourth consecutive month over month gain; Vermont s own labor market has begun to regain some of the jobs lost since the beginning of the recession. Economists are currently estimating that it will take until the first quarter of 2013 for Vermont to have recouped all the jobs lost.
Lunderville concluded: While we are pleased with the overall favorable results, we still have a long way to go before reaching pre-recession levels. Slow growth and the loss of federal stimulus monies will continue to put pressure on the state s finances.
Source: Secretary Lunderville's office. 5.18.2010