Vermont Secretary of Administration Jeb Spaulding released the November 2013 General Fund (GF) revenue results today. General Fund revenues totaled $79.95 million for November 2013, -$3.37 million or -4.05 percent below the monthly target. Year to date, General Fund receipts were $505.38 million, -$1.09 million or -0.21 percent below the cumulative target. However, General Fund receipts were +$17.71 million (+3.63 percent) ahead of the same period for the prior fiscal year (FY 2013). November is the fifth month of fiscal year (FY) 2014.Spaulding said, ‘Though we are slightly behind projection for the month of November, we are still on target for this fiscal year and we remain solidly ahead last year’s collections – and last year was a very strong revenue year. Through November, General Fund tax revenue collections exceed last year by 3.63 percent.’Current targets reflect the Fiscal Year 2013 Consensus Revenue Forecast adopted by the Emergency Board at their July 23, 2013 meeting. Statutorily, the State is required to revise the Consensus Revenue Forecast two times per year, in January and July; the Emergency Board may schedule interim revisions if deemed necessary. The January 2014 Emergency Board meeting has been scheduled for January 16, 2014.Net PI Receipts for November were $38.77 million, -$2.02 million or -4.95 percent behind the monthly target of $40.79 million. However, year to date, Net PI Tax receipts were $255.37 million, +$0.92 million or +0.36 percent above the target of $254.44 million. Compared to the same period of the prior fiscal year (FY 2013), Net PI Tax receipts are +7.55 percent ahead.Personal Income Tax (PI) receipts are the largest single state revenue source providing approximately 52 percent of total GF revenue. PI Tax receipts are reported Net-of-Personal Income Tax refunds. Net Personal Income Tax is comprised of PI Withholding Tax, PI Estimated Payments, PI Refunds Paid, and PI Other.Corporate Income Taxes are also reported net of refunds. Net Corporate Income Taxes receipts were recorded at -$2.14 million for the month, which represents $1.71 million decrease from the monthly target of -$0.44 million. Year to date, Net Corporate revenues were $20.69 million, -$4.26 million below the cumulative target of $24.96 million, and -$6.21 million below the same period of the prior fiscal year.Spaulding said, ‘Though we anticipated a large amount of Corporate refunds in November, the actual amount of refunds was larger than expected. We continue to watch Corporate closely as it provides our largest area of concern.’Consumption tax results for November were both negative for the month: Sales & Use Tax receipts of $17.83 million underperformed target by -$0.30 million (-1.64 percent); and Rooms & Meals Tax receipts of $11.84 million were below target by -$0.26 million (-2.12 percent). Year to date, the results for Consumption Taxes were mixed: Sales & Use Tax receipts of $97.10 million was behind target by -$0.22 million (-0.22 percent); and Rooms & Meals Tax receipts of $64.46 million exceeded target by +$1.78 million (+2.85 percent). Compared to the cumulative results from the prior fiscal year (FY 2013), Sales & Use Tax fell short by -0.74 percent, and Meals & Rooms exceeded the prior year results by +5.52 percent.The remaining non-major tax components include Insurance, Inheritance & Estate Tax, Real Property Transfer Tax, and ‘Other’ (which includes: Bank Franchise Tax, Telephone Tax, Liquor Tax, Beverage Tax, Fees, and Other Taxes). The results for the remaining non-major categories for November were as follows: Insurance Tax, $7.88 million (+34.99 percent); Inheritance & Estate Tax, $0.66 million (-25.29 percent); Property Transfer Tax, $0.92 million (+11.98 percent); and ‘Other’, $4.21 million (-19.42 percent). Cumulatively, the results for the remaining non-major categories were: Insurance Tax, $16.51 million (+23.84 percent); Inheritance & Estate Tax, $10.48 million (-16.33 percent); Property Transfer Tax, $4.97 million (+5.75 percent); and ‘Other’, $35.81 million (-1.97 percent). The cumulative non-major components total of $67.77 million, is +$3.35 million or +5.19 percent ahead of receipts for the same period of the prior fiscal year (FY 2013).’ Transportation FundSecretary Spaulding also released the non-dedicated Transportation Fund Revenue for November. Total non-dedicated Transportation Fund receipts of $19.29 million for the month were ahead of target by +$0.84 million (+4.53 percent), against the monthly target of $18.46 million. Year to date, the receipts of $104.72 million were +$1.80 million, or +1.74 percent above the cumulative target of $102.92 million. Compared to the same period in the prior fiscal year (FY 2013) the non-dedicated Transportation Funds exceeded the prior year by +12.27 percent.Results for the five non-dedicated Transportation Fund revenue components for November were mixed. Individual Transportation Fund revenue components for November were: Gasoline Tax, $34.29 million or +1.23 percent above target; Diesel Tax, $6.52 million or +1.78 percent ahead of target; Motor Vehicle Purchase & Use Tax, $25.50 million or +4.88 percent above target; Motor Vehicle Fees, $31.09 million or +0.79 percent above; and Other Fees, $7.32 million or -2.00 percent below the monthly target.The Secretary also reported on the results for the Transportation Infrastructure Bond Fund (’TIB’). TIB Fund Gas receipts for November were $1.63 million or -6.03 percent below the monthly target. TIB Fund Diesel receipts for the month were $0.17 million or +31.13 percent ahead of target. Year to date, TIB Fund Gas receipts were $8.69 million or -5.40 percent short of target and cumulative TIB Fund Diesel receipts were $0.68 million or +6.49 percent above target.Net total TIB receipts through November of $9.37 million were -6.61 percent behind the same period for the prior fiscal year (FY 2013).The secretary said, ‘November results showed growth in Gasoline, Diesel and Motor Vehicle Purchase & Use receipts. The Transportation Fund continues track above target on a year-to-date basis.’’ Education FundFinally, Spaulding released the ‘non-Property Tax’ Education Fund revenues (which constitute approximately 13 percent of the total Education Fund sources). The non-Property Tax Education Fund receipts for November totaled $12.96 million, or -$0.74 million (-5.43 percent) below the $13.70 million target for the month.The individual Education Fund revenue component results for November were: Sales & Use Tax, $9.60 million, or -1.65 percent below target; Motor Vehicle Purchase & Use Tax, $2.29 million or +11.86 percent; Lottery Transfer, $1.06 million, or -43.82 percent; and Education Fund Interest was less than $0.01 million for both receipts and target, or +5.25 percent above target. Year to date Education Fund receipts of $72.65 million were -0.36 percent below the target of $72.92 million. The November 2013 non-property tax Education Fund receipts are +6.55 percent ahead of the results for the same period in the prior fiscal year.’ ConclusionSecretary Spaulding concluded, ‘Revenue collections are performing as projected and the increasingly positive economic news nationally, as well as the good news from Washington, DC on a potential budget deal, may well provide a boost to Vermont’s economy going forward.’Source: Vermont Agency of Administration 12.13.2013. Note: Minor differences in figures are due to rounding.‘
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