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

ESL Shipping to Buy Sweden’s Shipping Firm AtoB@C

first_imgFinnish dry bulk shipping company ESL Shipping is to acquire all the outstanding shares of Sweden’s shipping company AtoB@C.The company said that the enterprise value is EUR 30 million (USD 34.9 million). The final purchase price will be mainly financed by Aspo’s existing financing reserves, and EUR 4.2 million will be covered by new shares issued by Aspo Plc, the owner of ESL Shipping.The transaction will require the competition authority’s approval in Finland to be completed. It is estimated that the transaction will be completed in the third quarter of 2018.AtoB@C operates 30 vessels in size of 4,000-5,000 tonnes. The company owns six dry cargo vessels in full, and it has a share of 49% of two vessels. The other 22 vessels are time-chartered.ESL Shipping informed that, with the transaction, the net sales of the company are expected to increase from EUR 80 million to EUR 160 million using the figures from 2017.“The acquisition will shift ESL Shipping to a new size class and put it in a good position to improve operational efficiency and overall profitability of the shipping company,” Aki Ojanen, CEO of Aspo Plc and Chairman of the Board of Directors of ESL Shipping, said.last_img read more