$13 million estate tax windfall boosts Vermont’s revenue results for May

first_imgSecretary Lunderville concluded by saying, We are hopeful that the unexpected May estate tax receipts will keep revenue at or slightly above target for the current fiscal year (FY 2009). However, economists remain guarded about the state economy. There is still no clear indication that Vermont has reached the bottom of this recession. Although there are some small favorable signs, it is not clear whether Vermont will come out of this recession in a U pattern, or a W recovery, meaning that after the beginning of some growth, we could fall again before beginning the true recovery.Attachments: Detailed schedules of revenue results comparing the current fiscal year-to-date period with the same period from the last fiscal year. AttachmentSize May 2009 Revenue Results.pdf36.42 KB Today, Secretary of Administration Neale F. Lunderville released revenue results for the month of May. General Fund revenues exceeded the recently revised target for the month, as compared to the consensus revenue target, due solely to unexpected one-time $13 million Estate Tax receipts.  Year-to-date, General Fund revenues of $1,003.78 million (+$10.81 million, +1.09%) were slightly above target. Transportation funds were also up by almost 4 percent. Meanwhile, the non-property tax Education Fund revenues were off 2 percent. The person who died last year was not identified by the Vermont Tax Department, but the value of the estate was worth somewhere between $80 million to $100 million.General FundThe General Fund revenues of $65.61 million (+$11.61 million, +21.50%) for the month of May 2009 were above target against the recently revised forecast of $54.00 million. Without the unanticipated Estate Tax receipts for the month, the General Fund revenues for May would have been below target by -$1.98 million. Although the General Fund results for the month of May were above target, this was the result of unexpected estate tax receipts, rather than the beginning of a return to increasing revenues. Even with this one-time estate tax receipt, General Fund revenue receipts through May 2009 were -$87.73 million or -8.04% below the results through May 2008, said Secretary Lunderville.The monthly targets reflect the most recent FY 2009 consensus revenue forecast that was agreed to by the Emergency Board on April 24, 2009. The state s consensus revenue forecast is normally updated two times per year in January and July. However, with the downturn in the national and regional economy, the Emergency Board has been scheduling interim revenue reviews. The next consensus forecast is scheduled to be reviewed by the Emergency Board on July 16, 2009.Personal Income Tax receipts are the largest single state revenue source, and are reported Net of Personal Income Tax refunds. Different types of Personal Income Tax (PI) payments and refunds are included in this category, such as PI Withheld, PI Estimates, PI Refunds, PI Paid Returns, and PI Other . Net Personal Income Tax Receipts for May of $18.37 million were slightly under the target of $18.76 million (-$0.39 million or -2.08%). Year-to-date, the net Personal Income Tax results of $477.78 million were -$1.48 million or -0.31% below the target of $479.25 million.Corporate Tax receipts are also reported net of refunds. Corporate Income Tax revenue results for May were $0.40 million versus the monthly target of $0.51 million, or -$0.11 million (-21.03%) below target for the month. Year-to-date, Corporate Income Tax receipts of $53.41 million were +$1.61 million or +3.11% above the target of $51.80 million.For the month, receipts for the consumption taxes (Sales & Use Tax and Meals & Rooms Tax) were slightly below target. Sales & Use Tax receipts of $14.68 million fell below target by -$0.06 million or -0.43%, and Rooms & Meals Tax receipts of $6.91 million fell short of the target by -$0.15 million or -2.12%. Year-to-date, Sales & Use Tax was $197.87 million (-$0.29 million, -0.15%) and Rooms & Meals Tax receipts were $108.86 million (-$0.56 million, -0.51%).The remaining components of the General Fund revenue were below target for the month, except Insurance and Estate Tax. Estate Tax receipts are inconsistent and subject to wide variation. For this reason, Estate Tax is always difficult to project accurately. The non-major tax component results for the month were: Insurance Premium, $5.92 million (+$0.23 million, +3.99%); Inheritance/Estate Tax, $14.05 million (+$13.59 million, +2952.07%); Real Property Transfer Tax, $0.51 million (-$0.06 million, -10.43%); and Other , $4.77 million (-$1.44 million, -23.16%). Year-to-date results for these components were: Insurance Premium, $52.45 million (-0.29%); Inheritance/Estate Tax, $22.12 million (+157.05%); Real Property Transfer Tax, $7.91 million (-2.20%); and Other , $83.39 (-1.95%).Transportation FundSecretary Lunderville also released the non-dedicated Transportation Fund revenue results today. Transportation Fund receipts for the month were $18.31 million, exceeding the current forecast by +$0.69 million or +3.92%. The favorable result for the month is due to above target performance in the Gas Tax, indicating that people have begun to drive more miles as the summer approaches. Year-to-date, the Transportation Fund revenues of $181.00 million were +0.34% above target. The results for the individual Transportation Fund revenue components were mixed for the month. Diesel Fuel Tax, Motor Vehicle Purchase & Use, and Motor Vehicle Fees all fell short of the monthly target. In addition to Gasoline Tax exceeding target as previously noted, Other Transportation Fund revenues also exceeded target for the month. The components of the Transportation Fund revenue for the month were: Gasoline Tax, $5.34 million (+27.87%); Diesel Tax, $0.73 million (-21.02%); Motor Vehicle Purchase & Use Tax, $4.01 million (-7.10%); Motor Vehicle Fees, $6.48 million (-6.03%); and Other , $1.76 million (+33.92%). Year-to-date, the Transportation Fund revenue components for May were: Gasoline Tax, $55.56 million (+0.66%); Diesel Tax, $13.08 million (+0.20%); Motor Vehicle Purchase & Use Tax, $38.70 million (-0.79%); Motor Vehicle Fees, $57.56 million (-0.08%); and Other , $16.10 million (+3.72%).Education Fund Non-Property Tax Education Fund revenue receipts of $11.04 million were released by Secretary Lunderville today; these receipts are -$0.24 million (-2.10%) below the May monthly target of $11.28 million. Non-Property Tax Education Fund revenues constitute approximately 12% of the total Education Fund receipts. Year-to-date, non-Property Tax Education Fund revenues were $135.67 million or -$0.40 million (-0.29%) below target. Results for the components of the non-Property Tax Education revenue for May: Sales & Use Tax, $7.34 million (-0.44%); Motor Vehicle Purchase & Use, $2.01 million (-7.08%); Lottery Transfer, $1.69 million (-1.65%); and Investment Income, $0.01 (-66.48%). Year-to-date results were: Sales & Use Tax, $98.93 million (-0.15%); Motor Vehicle Purchase & Use, $19.35 million (-0.79%); Lottery Transfer, $17.13 million (-0.22%); and Investment Income, $0.25 million (-19.56%).Conclusionlast_img read more

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Ray Parlour slams ‘disgraceful’ Arsenal transfer target Ryan Fraser

first_img Metro Sport ReporterFriday 12 Jun 2020 4:25 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link956Shares Advertisement Comment Ray Parlour slams ‘disgraceful’ Arsenal transfer target Ryan Fraser Ryan Fraser’s Bournemouth contract expires at the end of June (Picture: Getty)Arsenal legend Ray Parlour has branded Ryan Fraser’s decision not to sign a short-term contract at Bournemouth as ‘disgraceful’.The Scotland international’s current deal expires at the end of the month and he is reluctant to pen a new contract and risk an injury that would jeopardise a lucrative free transfer.Fraser enjoyed a spectacular 2018/19 campaign, during which he scored seven goals and registered 14 assists, and was heavily linked with a move to Arsenal before they opted to smash their transfer record and sign Nicolas Pepe instead. The 26-year-old has struggled to recapture that form this term and has struggled to cement a regular place in Eddie Howe’s starting XI, despite Bournemouth’s struggles. AdvertisementAdvertisementADVERTISEMENTThe Cherries will be battling to preserve their top flight status when the campaign resumes next week and Parlour is staggered by the player’s lack of commitment. center_img 😡 “It’s a disgrace!”🤔 “If I’m looking to sign him I’d look at his character.”🤕 “You can’t worry about injuries, you can get injured in training!”😫 “If #AFCB went down it would ruin my career thinking about it.”Ray Parlour didn’t hold back when asked about Ryan Fraser pic.twitter.com/LKPl7eEtHT— talkSPORT (@talkSPORT) June 12, 2020 ‘I think it’s a disgrace,’ he told talkSPORT. ‘You’re three-quarters of the way through the season, you’re in a relegation battle and the supporters have been fantastic. ‘You want to do it for your teams mates, surely. If (Bournemouth) were mid table and safe, I could understand it but they’re in a relegation fight!More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal‘I I was a manager, I’d look at his character. I wouldn’t even think about it (making the same decision as Fraser if I was in that position). I think it’s wrong.’Fraser has reportedly been offered to Arsenal, who only have limited funds to spend this summer, while Everton and Tottenham have also been credited with an interest.MORE: Arsenal given boost in Philippe Coutinho race as Barcelona prepare to lower loan demandsMORE: Robin van Persie admits he was to blame for controversial shirt swap with Andre Santos during Man Utd vs Arsenal Advertisementlast_img read more

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Mourinho respect for Van Gaal

first_imgJose Mourinho has “deep respect” for new Manchester United manager Louis van Gaal – but the Chelsea boss is not concerned about their impending rivalry. The pair worked together for three years at Barcelona but will go head-to-head this season, with Van Gaal having taken the reins at Old Trafford following a successful World Cup with Holland. He has also won titles in Spain, Holland and Germany with Barca, Ajax and Bayern Munich, and said at his introductory press conference that he is aiming to add England to that list. Mourinho – whose Inter Milan side beat Van Gaal’s Bayern in the 2010 Champions League final – and Chelsea will be among the main rivals standing in his way. And the Portuguese told the Mail on Sunday: “I’m not worried about him being here. I look forward to playing against United. Nothing worries me. “I watched him at his press conference and he was pure Van Gaal – honest and open, the way he always is. “He is a very, very good coach, he’ll be great for Manchester United. “We are both great coaches. It’s what we were born to do. “Louis was the best coach in the World Cup and he is a good friend – really, a friend for life. I have deep respect for this man. “He is in the best period of his career. With coaching, if you deal with winning and losing in the right way, you improve. He analyses every experience. He has got better and better.” Van Gaal begins his Premier League career against Swansea on August 16, two days before Chelsea open their campaign against promoted Burnley. center_img Press Associationlast_img read more

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The Final Word: Syracuse defeats Hobart, 21-13, for 4th-straight win

first_img Comments AdvertisementThis is placeholder text Published on February 29, 2020 at 12:31 am Behind five-goal performances from Brendan Curry and Tucker Dordevic, No. 3 Syracuse (3-0) continued its undefeated start to the 2020 season and defeated No. 19 Hobart, 21-13. Missing senior close defensemen Nick Mellen for the third-straight game didn’t prevent the Orange from limiting the highest-scoring team — the Statesmen (3-0) — in the country (23 goals per game) to just 13.It’s the first time since 2016 the Orange have started 4-0, and their seventh-straight victory in the annual Kraus-Simmons Trophy matchup.Here’s what our beat writers had to say following Syracuse’s win.center_img Facebook Twitter Google+last_img read more

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GECOM Office Among Three Buildings Set on Fire in Guyana

first_imgThey said the blaze at around 3.00 am (local time) badly damaged the building that had no electricity supply. Neighbours said they were able to bring the fire under control before the Fire Service . The police report stated that a number of louvre windows had been removed from the office and a liquid, suspected of being kerosene was found nearby. In his last report, which was not accepted by the GECOM chairman, retired justice Claudette Singh, Lownefield had said that the ruling coalition, A Partnership for National Unity (APNU) had defeated the main opposition People’s Progressive Party /Civic (POPP/C) The police said that the fire, which began at around 5.00 am (local time) was discovered by a police constable, who was making checks around the wooden building in the station compound when he noticed smoke emanating from the Office of the Regional Detective Inspectors and the Regional Prosecutor. The police said a security guard who was on duty said she heard a loud explosion at the back of the building and on investigation, saw two men running away from the area. Meanwhile, an investigation has been launched into an early morning fire that gutted a section of the Criminal Investigations Department of the Anna Regina Police Station. The police said the GECOM building at Wismar, Linden that lies on the Demerara River was reported on fire at 1.35 am (local time) and that fire officials were able to contain the fire to the one building. GEORGETOWN, Guyana – A building housing the sub-district of the Guyana Elections Commission (GECOM) was among three buildings set ablaze on Tuesday, police have confirmed. GECOM sub-office building after the fire A police report said the floor of the building was partially burnt along with the walls located on the northern and southern side. CMC The fire at GECOM comes as the country awaits the official results of the disputed March 2 regional and general election. GECOM is expected to meet on Tuesday to receive a new report from the Chief Elections Officer, Keith Lowenfield, indicating which of the political parties on the poll. The upper flat of the building was completely destroyed while the bottom flat was saved but sustained water and other damages. Nothing was saved from the inside of the building and the law enforcement authorities have since launch an investigation into the matter. Police said they are also investigating a fire at an unoccupied building at the Guyana Defence Force (GDF) Second Infantry Battalion Base at Maria Lodge on the Essequibo Coast.last_img read more

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Apology for Boateng racism remarks

first_imgSchalke financial officer Peter Peters has apologized after he suggested Kevin-Prince Boateng left Milan because of racist incidents.The board member had claimed on Monday that the attacker decided to join the Bundesliga club because of “too many racist incidents in Italy”.However, in a statement today, he has since retracted those remarks.“A statement made by Schalke finance director Peter Peters regarding the transfer of Kevin-Prince Boateng caused something of a stir on Monday, a misunderstanding that Peters deeply regrets,” a notice on the club’s official website read.“Having spoken to our general manager, Horst Heldt, my initial assumption proved to be completely wrong. He confirmed that racist incidents were definitely not the reason for Kevin’s move to Schalke.“As soon as I’m back at Schalke I will speak to Kevin personally and apologize for what I said. It was certainly not my intention to cast false aspersions on AC Milan or the Italian fans.”last_img read more

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March friendlies: Grant to give 3 youngsters opportunity in Stars callups

first_imgAvram Grant is set to make good his promise to give opportunities to young stars when Ghana engages in two friendlies later this month. The coach will name an expanded squad for this month’s double header in France where the Black Stars play Senegal and Mali. Both games will be on March 28 and 31 in Le Havre and Paris respectively.Joy Sports can report that Vitoria Guimaeres attacker Bernard Mensah will get his first senior call after missing out on the Afcon 2015 provisional squad.Also in the 27 man list will be former U-20 World Cup star Seidu Salifu who plays for Tunisian side Club Africaine. Another former youth star, Ebenezer Assifuah, as well as Sampdoria’s Alfred Duncan will be in the side.ReturnsIn-form Leicester City wingback Jeffrey Schlupp, after missing the Afcon through injury, is set for a return as Crystal Palace’s Kwesi Appiah will also be featured. Expected 27-man listGOALKEEPERS: Razak Brimah, Fatau Dauda, Ernest SowahDEFENDERS:Harrison Afful, Baba Rahman, Edwin Gyimah, John Boye, Daniel Amartey, Jonathan Mensah, Jeffrey SchluppMIDFIELDERS:Rabiu Mohammed, Afriyie Acquah, Emmanuel Agyemang Badu, Solomon Asante, Christian Atsu, Frank Acheampong, Mubarak Wakasu, Andre Ayew, David Accam, Alfred Duncan, Siedu Salifou. STRIKERS:Asamoah Gyan, Jordan Ayew, Mahatma Otoo, Kwesi Appiah, Ebenezer Assifuah, Bernard Mensah–last_img read more

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