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

Nick Foles to buy out contract after Eagles pick up $20M option, report says

first_imgNFL Network’s Ian Rapoport reported Sunday the team picked up Foles’ 2019 option for $20 million. The quarterback then bought out the final year of his contract for $2 million, according to ESPN. Foles will become an unrestricted free agent, according to NFL Network’s report, unless the Eagles place the franchise tag on him, which is worth about $25 million.Sources: #Eagles QB Nick Foles is, in fact, buying back his freedom for $2M, voiding the new and final year of his contract. Now, he’s a free agent… unless Philly hits him with the roughly $25M franchise tag.— Ian Rapoport (@RapSheet) February 6, 2019Given Foles’ late-season heroics the past two years, he should be a hot commodity if he reaches free agency. Among possible destinations mentioned for Foles are the Jaguars, Dolphins, Broncos, Bengals and Redskins. Related News Eagles reportedly give Nick Foles $1M bonus despite his missing incentive goalcenter_img The Eagles have made it clear Carson Wentz is their quarterback for 2019. But, backup Nick Foles’ status with the team continues to remain uncertain.last_img read more