Vermont January 2010 Revenues Short $5.5 Million Compared to Forecast
See the story here at Vermont Digger.
More bad news for the Legislature, the Administration and Vermont's economic health. The FY2011 budget gap just widened by $5.5 Million as FY2010 revenues for January are below the forecast which is only one month old.
Fundamental change is needed to get the economy back on track and state spending must be reduced substantially for the both the short and long term. That, coupled with policies that move government out of the way are the only solutions to Vermont's job and financial pain. Raising taxes is NOT the answer
In a nutshell (HT to vermontbiz.com):
Personal Income Tax receipts are the largest single state revenue
source, and are reported Net-of-Personal Income Tax refunds. Personal
Income Tax receipts for January were $65.34 million, -$6.42 million or
-8.95% behind the monthly target.
Secretary Lunderville said: “Although
one month’s results following the adoption of the revised Consensus
Revenue Forecast are insufficient to indicate a trend, I am concerned
that the shortfall occurred in Personal Income Taxes. Of the -$6.42
million shortfall in personal Income Taxes, -$3.5 million of the
shortfall was in Withholding Taxes paid and -$1.97 million was in
Estimated Payments. This is consistent with the weaker December
employment numbers recently released, and that bonuses paid in December do
not appear to have been as robust as estimated.”
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