Vermont’s September Revenue Figures Exceed Target for the Month

first_imgVermont’s September Revenue Figures – General Fund, Transportation Fund and Education Fund – Exceed Target for the MonthMontpelier, VT (October 10, 2008) – Secretary of Administration Neale F. Lunderville has released General Fund revenue results for themonth of September, the third month of Fiscal Year 2009. General Fund revenues totaled $127.44million for September 2008, +$13.84 million or +12.19% above the $113.60 million consensusrevenue forecast for the month. Cumulatively, General Fund revenues year to date were $294.03million or +12.97 million (+4.61%) above the consensus revenue forecast for Fiscal Year 2009.However, there are certain factors that impact the availability of this apparent above target result.It is important to note that the September revenue includes a legal settlement of $6.03 million. At thetime the consensus revenue forecast was approved in July 2008, the outcome of the legal action wasunknown. Consequently, no amount was included in the consensus forecast for the potentialsettlement; however, an estimated $5.57 million was anticipated and already earmarked for use. Ofthe $6.03 million, $2.3 million has been transferred to Teachers’ Retirement and the remaining $3.73million was included in the August 2008 General Fund Rescission, reducing the appropriationreductions necessary to balance the FY 2009 budget. This means that only $0.46 million of thesettlement is in excess of what was anticipated, not the entire $6.03 million.Without the portion of the settlement that was anticipated, General Fund revenue results for themonth of September were +$8.28 million or +7.29% above the $113.60 million consensus revenueforecast for the month. Cumulatively, adjusted General Fund revenues year to date were +$7.40 million (+2.63%) above the consensus revenue forecast for Fiscal Year 2009. However, giventhe instability in the national economy, we do not expect revenues to exceed targets for theremainder of the fiscal year.The monthly targets reflect the most recent Fiscal Year 2009 consensus revenue forecast that wasagreed to by the Emergency Board on July 29, 2008. The state’s consensus revenue forecast isnormally updated two times per year in January and July. However, with the downturn in thenational economy, the Emergency Board has scheduled an interim review of the consensus revenueforecast for November 18, 2008.Personal Income Tax receipts are the largest single state revenue source, and are reported Net ofPersonal Income Tax refunds. Personal Income Tax receipts for September were $67.33 million,+$4.50 million or +7.16% above the monthly target. Corporate Income tax receipts for Septemberwere $12.28 million, +$1.18 million or +10.65% above the target for the month. Both the PersonalIncome Tax and Corporate Income Tax receipts were significantly above target in the category ofestimated income tax payments. For those individual and corporate tax payers required to payestimated tax payments in lieu of withholding tax, those payments are generally paid at a minimumof 90% of their prior year tax amount. In light of national economic turbulence, it is veryprobable that a significant portion of these estimated payments will need to be refunded whenthe 2008 tax returns are filed. In other words, we do not believe that the elevated revenues seenin September will continue in future months.Sales & Use Tax and Rooms & Meals Tax were both above target for the month. Sales and Use Taxwas +$0.51 million (+2.95%) above the target for September of $17.30 million, while Rooms &Meals was +$0.71 million (+6.00%) above the monthly target of $11.82 million. The remaining taxcomponent results for the month were: Insurance Premium, $2.14 million (+85.72%);Inheritance/Estate Tax, $0.17 million (-88.00%); Real Property Transfer Tax $0.99 million(+1.53%); and Other, $14.19 million (+103.58%). Included in the Other category was $6.03 millionin Bank Franchise tax – the settlement dollars referred to earlier in this press release. Year to dateresults for these components were: Insurance Premium, $8.17 million (+2.97%); Inheritance/EstateTax, $1.82 million (-53.24%); Real Property Transfer Tax $3.06 million (+0.07%); and Other,$27.68 million (+48.86%), inclusive of the $6.03 million settlement.Transportation FundSecretary Lunderville also reported on the results for the non-dedicated Transportation Fund revenue.Transportation Fund revenue was $19.07 million, which was +$0.22 million, or +1.18%, above themonthly target for September. Cumulatively, Transportation Fund revenues year to date of $53.38million were -$1.71 million or -3.11% below the consensus revenue forecast for Fiscal Year 2009.For the month of September, Gasoline Tax revenue was slightly above target; actual revenues fromthe Gasoline Tax were +$0.32 million (+5.66%) above the consensus revenue estimate of $5.65million. The Other Fees of $1.87 was also above the target by +$0.38 (+25.20%). The Diesel Tax,Motor Vehicle Purchase & Use Tax, and Motor Vehicle Fees were all below their monthly targets;Diesel Tax, $1.28 million or -5.44% below the monthly target; Motor Vehicle Purchase & Use Tax,$4.69 million or -5.67% below the monthly target; and Motor Vehicle Fees, $5.27 million or -2.20%below the monthly target.Education FundSecretary Lunderville released revenue results for the “the non-Property Tax” Education Fundrevenues (which constitute approximately 12% of the total Education Fund receipts). The EducationFund receipts totaled $13.27 million for the month of September, or $0.18 million (+1.35%) abovethe $13.09 million consensus revenue target for the month. Cumulatively, Education Fund revenuesyear to date were $37.82 million or -$1.05 million (-2.70%) below the consensus revenue forecast forFiscal Year 2009.The portion of the Education Fund derived from the Motor Vehicle Purchase & Use Tax was belowexpectations for the month of September, as was the Lottery Transfer. The Education Fund portionof the Sales & Use Tax was above target for September.Specifically, the Education Fund components were: Sales and Use Tax, $8.90 million or +2.95%above target; Motor Vehicle Purchase & Use, $2.35 million or -5.67% below target; LotteryTransfer, $1.89 million or -2.16% below target; and Education Fund Interest $0.13 million or+454.47% above the monthly target.ConclusionSecretary Lunderville cautioned that, “The continued volatility in the national economy is a seriousconcern. We need to be very cautious because of the uncertainty of national markets and theexpectation that a significant amount of the Estimated Income Tax payments received to date in theGeneral Fund will likely need to be refunded. We will continue to monitor future revenues veryclosely and review the situation again after the revenue forecast is revised in November.”Note: Revenue Estimates are fiscal year total estimates.Prepared by Department of Finance & ManagementDate: October 02, 2008last_img read more

Health bulletin on alcohol consumption ahead of Carnival celebrations

first_img Share Sharing is caring! LocalNews Health bulletin on alcohol consumption ahead of Carnival celebrations by: – February 16, 2012 Tweet 19 Views   no discussionscenter_img Share Share Photo credit: knowledgebase-script.comDuring this Carnival Season many Dominicans might be thinking of drinking some form of alcohol or alcoholic drink. The Ministry of health takes this opportunity to remind you of these facts about alcohol consumption. Alcohol misuse in the form of binge drinking or drinking heavily over a long periods not only harms the individual but is damaging to relationships and society in general in terms of violence and crime, drinking and driving which result in traffic accidents, injury and premature death. It affects the drinker in many different ways:1.EFFECTS ON THE BRAIN Binge drinking can cause blackouts, memory loss and anxiety. Long-term drinking can result in permanent brain damage, serious mental health problems and alcohol dependence or alcoholism. Young people’s brains are particularly vulnerable because the brain is still developing during their teenage years. Alcohol can damage parts of the brain, affecting behaviour and the ability to learn and remember.2. EFFECTS ON THE HEART Alcohol can cause high blood pressure (hypertension) increasing the risk of having a heart attack or stroke. It also weakens heart muscles, which can affect lungs, liver, brain and other body systems and can cause heart failure. Binge drinking and drinking heavily over longer periods can cause the heart to beat irregularly and has been linked to cases of sudden death. 3. EFFECTS ON THE DIGESTIVE SYSTEMThis can result in the development of:• Stomach ulcers,• Internal bleeding• Cancer of the stomach and colon4. OTHER EFFECTS Weight gain: Alcohol is high in calories. Weight for weight, the alcohol in a drink contains almost as many calories as fat. The average bottle of wine contains 600 calories while four pints of beer contains 640 calories.Sexual Behaviour: Binge drinking makes you lose your inhibitions and affects your judgement. This might make you less likely to use a condom, increasing your risk of getting a sexually transmitted infection such as gonorrhoea, HIV or result in an unplanned pregnancyAlcohol affects the parts of your brain that control judgment, concentration, coordination, behaviour and emotions. If you are binge drinking, you may be at greater risk of:• becoming a victim of crime, eg rape, domestic violence or assault;• being involved in antisocial or criminal behaviour, eg fights, domestic violence, vandalism or theft;• having an accident, eg a traffic accident, fallDuring this Carnival Season if you do drink please try and stay within recommended limits:Men – No more than 3 to 4 drinks of alcohol a dayWomen- No more than 2 to 3 drinks of alcohol a day TIPS FOR MANAGING YOUR DRINKING • Avoid drinking alcoholHowever if you do drink:• Eat before or while drinking, and avoid salty snacks, which make you thirsty.• Be assertive – don’t be pressured into drinking more than you want or intend to.• Know your limits and stick to them.• Stay busy – don’t just sit and drink.• Try not to confuse large measures of alcohol with standard measures, eg a glass of wine served at a party or at home may be much larger than the standard 125ml.• Keep track of your drinks and don’t let people top up your drink until it’s finished.• Try alternating alcoholic drinks with water or other non-alcoholic drinks. Health BulletinHealth Promotion Resource Centre, Ministry of Healthlast_img read more

Ravens Quarterback Lamar Jackson Cancels Florida Event Amid Virus Surge

first_imgGatherings of more than 10 people are prohibited in Pompano Beach due to pandemic. Instead of allowing a few people to attend the event, Jackson decided to cancel it. Baltimore Ravens quarterback Lamar Jackson has canceled his annual “Funday with LJ” event in Florida due to surging coronavirus cases in the state and strict gathering limits. – AP On Tuesday, Florida confirmed 7,347 new cases, bringing the total since March 1 to 213,794. Another 63 people died, bringing the total to 3,943. The 45 deaths per day averaged over the last week is a 50% jump since three weeks ago. Statewide, 380 patients were reported as newly admitted to hospitals, a single-day record. The event was scheduled to start a week after Florida reported a single-day record of 11,445 cases. Jackson’s third annual event was set to be held Saturday and Sunday (June 11-12) in his hometown of Pompano Beach, Florida, but a spokesperson told news outlets Tuesday that the event was canceled. Jackson shared a flyer of the event on Instagram Monday, advertising flag football and water slides. It also said adults must wear face masks and waivers must be signed for children to participate. last_img read more