General Fund, Transportation Fund and Education Fund Revenues Exceeded Target for February

first_imgTransportation Fund By Major Element (In Millions) YTDYTD%FebruaryFebruary%Tax ComponentFY 2007FY 2008Change Montpelier, VT – Secretary ofAdministration Michael K. Smith Announces that General Fund, Transportation Fundand Education Fund Revenues Exceeded Target for February. Transportation FundSecretary Smith also released the revenueresults for the Transportation Fund.  TheTransportation Fund revenue results for February exceeded target by +$1.42million or +9.71%, said Smith.   Gasoline Tax, Motor Vehicle Purchase and UseTax and Other Fees all exceeded the recently revised revenue targets for themonth (Gas, +$0.73 million or +16.0&; Motor Vehicle P&U, +$0.30 millionor +10.3%; and Other Fees, +$0.64 million or +48.17%).  Diesel Tax was -$0.20 million or -18.23%below target, while Motor Vehicle Fees slipped below target by only -$0.05million or -0.99%.  Cumulatively, theTransportation Fund revenues of $143.44 million exceeded the target for theyear by +$1.37 million or +0.97%.  center_img General FundSecretary of Administration Michael K. Smithtoday released General Fund revenue results for the month of February, the eighthmonth of fiscal year 2008.  General Fundrevenues totaled $64.16 million, +$5.32 million or +9.04% more than the $58.84million consensus revenue target for the month.  The resulting fiscal year-to-date General Fundrevenue total of $767.19 million is +$6.65 million or 0.87% above the recentlyrevised consensus forecast of $760.54 million. We are pleased to have exceeded our General Fund forecast.  However, it should be noted that some of theabove target revenue is due to the timing of certain insurance tax receiptswhich were targeted for March.  Excludingthe timing items, General Fund revenue for the month still exceeded target by$1.3 – $1.8 million, despite the continuing economic challenges, said Smith. The monthly consensus cash flow targets reflectthe most recent fiscal year 2008 Consensus Revenue Forecast that was agreed toby the Emergency Board on January 16, 2008.  TheStates Consensus Revenue Forecast is updated two times per year, in Januaryand July. Monthly Personal Income Tax receipts are thelargest single state revenue source, and are reported Net-of-Personal IncomeTax refunds.  Although the PersonalIncome Tax for February of $2.82 million was below target by -$2.72 million,the fiscal year-to-date Personal Income Tax remains above target by +$1.23million or +0.33%, and +$33.43 million or +9.8% ahead of the  prior year-to-date.  Offsetting the under-target performance inPersonal Income Tax, Corporate Income Tax exceeded target by +$1.45 million forthe month of February, due to lower than expected refunds, and by +$2.14million or +5.96% year-to-date, Smith said. The Rooms & Meals Tax fell below target by -$0.17million or -1.70%.  Sales and Use Taxresults were above target by +$0.57 or +0.35%. TheOther General Fund category includes Insurance Tax, Estate Tax, BankFranchise Tax, Telephone Tax, Liquor Tax, Property Transfer Tax, Fees, and OtherTaxes.  As previously stated, InsuranceTax exceeded target by +$7.90 million, due mostly to timing, while Estate Tax fellbelow target by -$1.2 million or -78.77% below target for the month, saidSmith.  Year-to-date, through February, EstateTax, which is always difficult to predict, was -$3.05 million or      -25.06% below the year-to-date target.  Year-to-date, the remaining Other GeneralFund revenue categories, exclusive of Insurance and Estate Tax, were belowtarget by -$1.53 million or -2.65%. SecretarySmith concluded by saying, We are pleased that the General Fund has exceeded ourforecast for February after taking the timing issues into consideration.  However, the national economy continues to beof great concern and we must remain cautious about our revenue predictions for the remainderof fiscal year 2008.General Fund By Major Element (In Millions) Tax ComponentFY07 YTDFY08 YTD% ChangeFeb-07Feb-08% ChangePersonal Income$341.97 $375.39 9.77%$3.53 $2.82 15.16%Sales & Use$153.74 $158.29 2.96%$14.97 $16.33 3.86%Corporate$29.62 $38.00 28.29%$1.13 $1.33 83.24%Meals & Room$78.92 $84.24 6.74%$8.66 $9.83 3.11%Insurance Premium$40.60 $45.93 13.13%$23.42 $28.83 -50.00%Inheritance & Estate$13.24 $9.13 -31.04%$0.73 $0.33 -93.42%Real Property Transfer$8.84 $7.90 -10.63%$0.73 $0.56 -36.80%Other$49.55 $48.31 -2.50%$3.76 $4.13 -9.52%Total$716.48 $767.19 7.08%$56.93 $64.16 8.04%last_img read more

Update on the latest sports

first_imgUpdate on the latest sports July 8, 2020 — Associated Press research finds that four-year U.S. colleges have eliminated 171 sports programs because of budget problems blamed on the coronavirus outbreak. About 30 percent of those are in Division I, with Stanford being the only one from a Power Five conference.MLB-NEWSMore players test positive, others returnCINCINNATI (AP) — As Major League Baseball cautiously tiptoes closer toward beginning its delayed 2020 season, several teams welcomed back players who might have been exposed to the coronavirus and the San Francisco Giants resumed workouts Wednesday after finally receiving the results of COVID-19 tests administered over the weekend. Red Sox third baseman Rafael Devers worked out at Fenway Park for the first time since Boston opened its summer camp. Also, Rangers first baseman Ronald Guzman was on the field after missing the first five days of workouts. In Cleveland, outfielder Franmil Reyes was cleared to return after being isolated for attending a party over the July 4 weekend.Elsewhere in the majors: — The Baltimore Ravens have informed season ticket holders that their seats will not be available this year. The team says season ticket holders will be offered the same seats in 2021, and money already spent for this season can be used for next year or refunded upon request. Because of the coronavirus pandemic, NFL games this season are expected to be held without fans or in front of a greatly reduced audience. If fans are permitted to attend, seats would be sold on a game-by-game basis with season ticket holders getting the first chance to buy in advance of any public sale.— Northwestern’s football game against Wisconsin scheduled for Nov. 7 at Wrigley Field in Chicago is being moved to Ryan Field because of uncertainties due to the COVID-19 pandemic. Northwestern announced the decision Wednesday after consulting with the Chicago Cubs, state and local authorities and the Big Ten Conference. — Stanford is dropping 11 sports amid financial difficulties caused by the coronavirus pandemic for the 2020-21 academic year. Stanford also is eliminating 20 support staff positions. Stanford projected a deficit of more than $25 million in the 2021 fiscal year and a shortfall of nearly $70 million over the next three years due to the pandemic. The school estimated the cost of sustaining the 11 sports permanently would exceed $200 million. — Wisconsin says seven athletes have tested positive for the new coronavirus since the school started testing them a month ago. School officials previously had said two tested positive out of the 117 athletes who were part of the initial group of tests. The school now has conducted 428 total tests. Wisconsin isolates those who test positive, and the athletic department’s infection response team monitors their recoveries. School officials aren’t specifying which sports are affected by the positive tests.— Ohio State has paused voluntary workouts by athletes of seven sports on campus after getting the results of its most recent coronavirus testing. The school said in a statement Wednesday night that workouts have been paused for football, men’s and women’s basketball, field hockey, men’s and women’s soccer and women’s volleyball. The university said it isn’t sharing cumulative COVID-19 information publicly to avoid identifying specific individuals and compromise medical privacy. The PGA Tour still hasn’t allowed spectators at its events, and no other golf tournament is dependent on partisan cheering like the Ryder Cup. After working with the PGA Tour and its Presidents Cup, the decision was reached to move the Ryder Cup to Sept. 24-26 in 2021. That means the Presidents Cup will return to even-numbered years starting in 2022 at Quail Hollow in North Carolina.The Ryder Cup had been scheduled for Sept. 25-27 at Whistling Straits, one week after the U.S. Open.It’s the second time in the last two decades the Ryder Cup was postponed. It was moved off the odd-numbered years in 2001 because of the Sept. 11 terrorist attacks.In other developments related to the COVID-19 pandemic: — NASCAR cannot meet the quarantine rules in New York and must move its August race from Watkins Glen. The event will instead be held on the road course at Daytona. It will be NASCAR’s debut on the course used by the IMSA sports car series. The Cup schedule released today covers all of August through the regularly scheduled season finale on the oval at Daytona. The Cup Series will also race doubleheaders at Michigan and Dover. — Seven-time NASCAR champion Jimmie Johnson has twice tested negative for the coronavirus and will race Sunday at Kentucky Speedway. Johnson missed the first race of his Cup career when he tested positive last Friday. NASCAR confirmed Wednesday that Johnson has been cleared to return. Johnson’s streak of 663 consecutive starts — most among active drivers — was snapped when he didn’t race Sunday at Indianapolis Motor Speedway. Johnson is the only NASCAR driver to test positive for the coronavirus since the series resumed racing on May 17.— The Ivy League says will not play sports this fall because of the coronavirus pandemic. The league left open the possibility of moving some seasons to the spring if outbreak is better controlled by then. The move could have ripple effects throughout the big business of college sports. Football players in the Power Five conferences have already begun workouts for a season that starts on Aug. 29. The Ivy League decision affects not just football but soccer, field hockey, volleyball and cross country, as well as the fall portion of winter sports like basketball. The league said it has not yet determined whether fall sports can be moved to the spring.— North Carolina says it has paused voluntary football workouts for at least a week after reporting 37 positive test results for the new coronavirus among school athletes, coaches and staff. The school announced results following 429 tests administered as they began returning to campus last month. The school didn’t specify which programs were impacted beyond announcing the pause to football workouts. Officials did say the Orange County Health Department had identified a cluster of five or more related cases. It’s unclear exactly when football workouts will resume. — Milwaukee Bucks general manager Jon Horst says the group that travels to Florida on Thursday for the resumption of the NBA season at Walt Disney World likely won’t include the team’s entire 35-person traveling party. The Bucks closed their practice facility in Milwaukee after receiving results of their Friday coronavirus testing. Horst won’t say whether a positive test came from a Bucks player or another member of the traveling party. The Bucks owned a league-leading 53-12 record when play was halted in mid-March due to the pandemic. They return to action July 31 against the Celtics.— As U.S. team sports prepare to resume, journalists are facing the same issues that their colleagues who cover politics and entertainment have encountered: coming up with new approaches to coverage with reduced access. Professional leagues closed media access to locker rooms and clubhouses in early March. When the games restart, that access is not going to return. Major League Baseball and the NBA will make managers and players available only via telephone or Zoom. — Cleveland Indians outfielder Franmil Reyes (FRAHN’-meel RAY’-uhs) has been cleared by the team’s medical staff to return to the field after being isolated for attending a party over the July Fourth weekend. The team kept Reyes away from Progressive Field as a precaution after he attended a holiday gathering without wearing a mask. The Indians learned of Reyes’ off-field actions from social media. Manager Terry Francona says Reyes was re-tested for the coronavirus and may now participate in training camp. Also, Indians outfielder Delino DeShields (deh-LY’-noh deh-SHEELDZ’) Jr., who tested positive for COVID-19, is traveling to Cleveland after he had one negative test. — Sonny Gray has been chosen to start the Cincinnati Reds’ first game back from Major League Baseball’s shutdown due to the pandemic. Gray started openers for the Athletics in 2014 and 2015, throwing a combined 14 shutout innings while getting a win and a no-decision. He’s in line to face the Detroit Tigers at Great American Ball Park on July 24 as Major League Baseball starts a season shortened because of the pandemic.— An array of injuries was largely responsible for the blight on the first five years of Byron Buxton’s major league career. The latest setback for Minnesota’s speedy center fielder was surgery last fall to repair labrum damage in his left shoulder. Buxton worked his way onto a rehabilitation track that would have had him ready for the original season opener on March 26. Having four extra months to heal and train due to the virus outbreak sure didn’t hurt. The Twins play the Chicago White Sox on July 24 to start the 60-game season.— The Chicago White Sox are giving fans the opportunity to purchase cardboard cutouts of themselves that will be displayed at Guaranteed Rate Field during the team’s season-opening homestand. The cutouts cost $49 and will be available while supplies last. Proceeds will benefit the team’s charitable arm. The White Sox open with a three-game series against the Minnesota Twins starting on July 24.— The Seattle Mariners say they had three positive tests for the new coronavirus among 122 individuals that received initial intake tests before the start of summer camp workouts last week. The team has not specified whether the three that tested positive were players, coaches or staff. The Mariners say all three are asymptomatic and are currently quarantined.center_img Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSRyder Cup postponed until next year at Whistling StraitsUNDATED (AP) — With no guarantee of fans, there won’t be a Ryder Cup this year. The PGA of America says the Ryder Cup at Whistling Straits in Wisconsin has been pushed back to 2021 because of the COVID-19 pandemic. The last time the PGA Tour had back-to-back tournaments on the same golf course was in 1957, five years before Nicklaus turned pro. The All American Open and the World Championship of Golf were played at Tam O’Shanter in Illinois. Workday is a one-time event replacing the canceled John Deere Classic.In other Workday news:— Three PGA Tour players who have tested positive for the coronavirus but are no longer symptomatic will play together at the Workday Charity Open. The tour announced the change Wednesday in the latest revision of its COVID-19 policies. Nick Watney will play alongside Dylan Frittelli and Denny McCarthy during the first two rounds at Muirfield Village in Dublin, Ohio. Watney was the first tour player to test positive and reported mild symptoms. The tour said all three players continue to test positive for the virus but have met the Centers for Disease Control guidelines for return to work. Players in those circumstances will either be grouped together or play as singles.RACING-KEENELAND BREEDER BANNED PGA-WORKDAY OPENHow to make 1 golf course look like 2 different tournamentsDUBLIN, Ohio (AP) — Muirfield Village is gearing up for the first doubleheader on the PGA Tour in 63 years. A new tournament called the Workday Charity Open starts Thursday on the course Jack Nicklaus built. And then it’s onto the Memorial, the tournament Nicklaus created. The goal for tour officials is to protect the condition of the course from 157 players this week and 120 players next week. They also want to try to present a different test. That means slower greens, different tees and rough that isn’t quite as high this week. VanMeter banned after racist Facebook postLEXINGTON, Ky. (AP) — A prominent Kentucky horse owner and breeder has been banned from racing and sales at Keeneland Race Course after his racist post on social media. Keeneland says it is banning Tom VanMeter from the premises, including participation by his sales company, while the Lexington track further reviews circumstances related to the recent “reprehensible comments” he made online. The posting drew condemnation across the racing industry. VanMeter later said he was wrong and was disgusted by his actions. In Facebook post last weekend on Kentucky Thoroughbred Farm Managers’ Club president Donnie Snellings’ page that called on followers to “Re-post if you are still boycotting the NFL.” VanMeter, who is white, responded with a post that used an abbreviation of the N-word. He later posted, “Put em back in their cage!!!” Associated Press last_img read more