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

CUNA-backed bills on House floor, cannabis, CECL hearings this week

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The House is expected to consider two bills supported by CUNA this week, and CUNA will also engage on a hearing on cannabis business and the Financial Accounting Standards Board (FASB). FASB is the entity issuing the current expected credit loss (CECL) standard.The House will consider the Expanding Opportunities for Minority Depository Institutions (MDI) Act (H.R. 5315) and the Cybersecurity and Financial System Resilience Act of 2019 (H.R. 4458).H.R. 5315 would codify the Treasury Department’s mentor protégé program to encourage collaboration between Minority Depository Institutions and large financial institutions. This program represents a valuable resource for MDI credit unions because it offers an opportunity to bolster their sustainability.It passed the House Financial Services Committee in December with a 57-0 vote.last_img read more

Series A accumulates € 2.5 billion in debts and trembles with COVID-19

first_imgSalaries increased almost 300 million (from 1482 to 1756): Series A continues to spend borrowing and obviously that is not “the best condition to face a health and economic emergency.” Those that could hold up better in the storm are the clubs that closed their balance sheets to benefit, but they are only five out of 20: Naples (+29.2 million), Atalanta (+24), Sampdoria (+12.1), Sassuolo (+8.1) and Udinese (+1.2).The azzurri de Laurentiis are also in the select group of teams without bank debt, with Cagliari and Torino. Juventus and Inter were experiencing years of expansion, they will suffer a stoppage, but they will be able to count on their solid owners: the Exor of the Agnelli (which has already intervened with a 300 million capital increase) and Suning, which has reopened its stores in China. Milan, which accumulated 528 million losses in five years, will have it more complicated and there are doubts about the decisions of the Elliott fund for the future. And Roma, for their part, have already been seriously affected: the sale of the club to Dan Friedkin has been frozen. One of the inheritances of the COVID-19 emergency will be a harsh economic crisis that will also affect the world of soccer, which is already looking for measures to reduce losses (and plans to cut the salaries of its players as soon as possible). ‘La Gazzetta dello Sport’ dedicated today an extensive report to the state of the accounts of the Serie A teams, speaking of a situation that gives “chills” and that preluded a “dire scenario” if the emergency will lead to cancel the leagues this season.Series A expenses have risen from 500 million, from 3,000 to 3,500 million euros, compared to a sales volume of 2,722 million. The debts also continue to grow: now they are close to 2,500 million and the risk of “implosion” is enormous. The Calcio clubs were engulfed by the increase in profits from television rights (1.44 billion) and commercial income (650 million): a ‘treasure’ that, however, the teams used to reinforce their squads and not for virtuous investments ( infrastructures, quarries …).last_img read more