State of Vermont
letterhead-template-TT2.dot
State of Vermont
4
9
2008-02-07T22:34:00Z
2008-02-08T15:27:00Z
2008-02-08T15:37:00Z
1
1587
9048
BGS
75
21
10614
10.2625
Print
MicrosoftInternetExplorer4
st1\:*{behavior:url(#ieooui) }
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times New Roman";}
Vermont exceeds General
Fund revenue targets
Montpelier, VT - Secretary of Administration Michael K. Smith Announces that General
Fund Revenues Exceed Target; Transportation Fund and Education Fund Slightly Below
Target for January.
General
Fund
Secretary
of Administration Michael K. Smith on February 8, 2008, released General Fund revenue results for the
month of January, the seventh month of fiscal year 2008. January General Fund revenues totaled $143.90
million, +$1.3 million or +0.94% more than the $142.57 million consensus
revenue target for the month. The
resulting fiscal year-to-date General Fund revenue total of $703.03 million is
+$1.33 million or 0.19% above the recently revised consensus forecast of
$701.70 million. We are pleased to have
exceeded our General Fund forecast, despite continued uncertainty in the national
economy, said Smith.
The
monthly consensus cash flow targets reflect the most recent fiscal year 2008
Consensus Revenue Forecast that was agreed to by the Emergency Board on January 16,
2008. The States Consensus Revenue Forecast is
updated two times per year, in January and July.
Monthly
Personal Income Tax receipts are the largest single state revenue source, and are
reported Net-of-Personal Income Tax refunds.
Personal Income Tax finished January ahead of target with $91.16 million
in revenue or +$3.95 million above the monthly revenue target. Fiscal year to date, Personal Income Tax surpassed
the current consensus forecast as well as the prior fiscal year by +$3.95 million
or 1.07% vs. forecast and +$34.14 million or 10.09% vs. the prior year.
The Rooms & Meals Tax fell below the
recently revised forecast for January by -$0.16 million or -1.48%, said Smith. Corporate Income Tax exceeded target for the
month of January by +$0.68 million or +26.39% due to lower than expected
Corporate refunds. Sales and Use Tax rose
slightly above the January target by +$0.31 million or +1.06%.
The
Other General Fund category includes Estate Tax, which is always difficult to
predict. Estate Tax fell -$1.84 million
or -92.45% below target for the month. Cumulatively
through January, Estate Tax was -17.30% below the year to date target. Of the remaining Other General Fund revenue
categories, several (Insurance, Property Transfer Tax, Liquor, Bank Franchise
and other) saw below target results to varying degrees. Cumulatively, the Other category was -$3.44
million or -4.26% below target for the year.
Secretary
Smith finished by noting, We are pleased that the General Fund has exceeded our
forecast for the first month after the Consensus Revenue forecast update. However, the continued uncertainty in the national
economy has caused us to remain cautious about our revenue predictions for the remainder
of fiscal year 2008.
General
Fund By Major Element (In Millions)
Tax Component
FY07 YTD
FY08
YTD
%
Change
January
2007
January
2008
%
Change
Personal Income
$338.43
$372.57
10.09%