Showing posts with label December. Show all posts
Showing posts with label December. Show all posts

Friday, February 14, 2014

Governor Announces Mid-Session Revenue Reduction of $140 Million

Terry McAuliffe
Terry McAuliffe (Photo credit: mou-ikkai)
Governor Announces Mid-Session Revenue Reduction of $140 Million
Due to Weak January and Year-To-Date Revenue Collections;
Offers Budget Actions to Cover Reduced Revenue Growth

RICHMOND- Today, Governor Terry McAuliffe briefed House and Senate budget committee leaders on the preliminary mid-session revenue reforecast numbers. This review involves an analysis of two elements: updated economic information and actual revenue collections for the first seven months of the current fiscal year, which started July 1, 2013. The Governor offered several budget solutions to cover the reduced revenue growth that was projected.

“Although our underlying economic forecast has not changed, it is clear that the current revenue receipts warrant caution,” said Governor McAuliffe. “In order to remain prudent, we must adjust our revenue estimates downward, which will help reduce future risks. After consulting with my economic team, it is my recommendation that we reduce the general fund revenue estimates for fiscal year 2014 by $125 million and the general fund revenue estimate for fiscal year 2015 by $15 million.” 

Total general fund revenue collections fell 5.9 percent in January with declines in all major sources except corporate income taxOn a year-to-date basis, total revenue collections fell 0.5 percent through January, lagging the annual forecast of 1.7 percent growth.  Total revenues are tracking behind the forecast due to declines in individual withholding, and non-withholding, and recordation taxes. In January, receipts for individual non-withholding declined by 25.3 percent and withholding (the State’s largest general fund revenue source) declined by 1.9 percent.  Recordation tax collections declined by 33.3 percent in January. 

These results are important as January is a significant month for revenue collections from individual estimated payments, sales taxes on December sales and corporate income taxes from large retailers. This combined with an analysis of the underlying economic fundamentals in the economy and revenue models forms the basis for the annual mid-session revenue reforecast presented to the 2014 General Assembly. Since December 16, the economic fundamentals on which the December forecast is based have not changed and continue to point to modest economic growth.

However, through January, fiscal-year-to-date revenue collections have declined by 0.5%  -- or 2.2% below the annual December estimate of a 1.7% increase.  The revenue sources that have underperformed the most have been individual non-withholding and the corporate income taxes  – both very volatile sources of revenue.  Given the performance to date in all sources, combined with the difficulty in forecasting individual non-withholding receipts in April and May, the Governor is recommending that the prudent step is to reduce the December forecast by $125.0 million in FY 2014 and $15.0 million in FY 2015.  General fund revenues are now expected to increase 1.0 percent in FY 2014 as compared to the 1.7 percent increase in the December forecast.

Given the timing of this mid-session reforecast, which occurs just in advance of the House and Senate money committees reporting out their respective versions of the budget on Sunday, the Governor further offered select budgetary actions to address the change in revenues. 

“It is my sincere hope that these budget actions will help the House and Senate in their respective budget deliberations in light of the timing of the lower revenue forecast I am recommending today,” said Governor McAuliffe.

There were eight budget adjustments that Governor McAuliffe proposed to address the lower revenue projections (see attachment).  None of these adjustments impact core services or entitlements. 

These adjustments include:

o   The elimination of the FY 2016 estimated payment to the revenue stabilization fund,
o   Use of additional Lottery revenues,
o   Capturing uncommitted balances across the budget, and
o   Reducing the unappropriated balance from $51 million to $11 million. 

BACKGROUND

The FY 2016 payment into the revenue stabilization fund is based upon revenue growth in FY 2014. Since the majority of the revenue decline, $125 million, is applied to FY 2014, the entire required deposit of $59.9 million in FY 2016 is eliminated and no longer needed.

While general fund revenues are being adjusted downward in FY 2014, Lottery revenues are expected to exceed the previous forecast by $15.5 million.  The Chairman of the Lottery Board notified the Governor in writing this week that due to low prize payouts and significant sales through the first half of the fiscal year, largely associated with a very high Mega-millions jackpot, the net proceeds available for public education are projected to increase by $15.5 million. This additional Lottery revenue can be used to offset general fund expenses in public education with no reduction in services.

In addition to the excess lottery balances, the Governor has also identified balances in the Literary Fund that may be used to offset general fund teacher retirement costs, balances from unclaimed accounts previously held by a former state agency that may now be deposited to the general fund, and appropriation balances in other programs that are not going to be needed. 

The other program balances that will not be needed and whose appropriations can now be reverted or deposited to the general fund including the Federal Action Contingency Trust (FACT) fund, some economic development fund balances, and some pilot education program balances.

Finally, the remainder of the gap will be closed by reducing the unappropriated balance by approximately $40 million, from $51 million as it was in the introduced budget to $11 million.  The large unappropriated balance was intended to offset potential revenue losses so this adjustment is in line with its intended purpose.


January 2014 revenue data, State of Virginia from Chuck Thompson

The above PDF's are the attachments that were included with the original source of the story at the Governor's office.
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Wednesday, January 15, 2014

Virginia Posts 0.8% Revenue Increase in December

English: The state seal of Virginia. Српски / ...
 (Photo credit: Wikipedia)
RICHMOND - Governor Bob McDonnell announced today that December 2013 revenue collections increased by 0.8 percent from December of 2012. On a year-to-date basis, total revenue collections rose 0.7 percent through December, lagging the annual forecast of 1.7 percent growth. Adjusting for the accelerated sales tax program and the 0.125 percent sales tax transfer required by last session's historic transportation bill, total revenues grew 1.7 percent through December, trailing the adjusted forecast of 2.9 percent growth.

The increase in December revenue was driven by solid growth in collections of individual withholding and nonwitholding partially offset by an increase in refunds and declines in sales, corporate income tax, and recordation taxes.  Individual withholding rose 3.1 percent. Year-to-date collections of individual nonwithholding through the first half of the fiscal year rose by 12.4 percent, well ahead of the annual estimate of a 6.3 percent increase.  At the same time, sales and use taxes, reflecting sales made in November, fell 4.3 percent in December.

Because a number of factors can influence the flow of payments and monthly growth rates this time of year, December and January receipts must be considered together to get a clear picture of revenue growth.

Speaking about the December numbers, Governor McDonnell noted, “Over the last four years we have both projected revenue growth and budgeted conservatively.  In doing so, we have helped put Virginia in a more sound financial position for the future.  Virginia’s economy continues to improve.  Over the last four years we have worked in a bipartisan fashion to put in place policies that strengthen that give our private sector job-creators the tools they need to create jobs and opportunities for all Virginians.  This approach has worked.  Since the beginning of this Administration 177,300 net new jobs have been created.  And, our unemployment rate has fallen two full percentage points, from 7.4% to 5.4%.  I want to commend the great work of Virginia’s first chief jobs creation officer, Lieutenant Governor Bill Bolling, and the members of the General Assembly for putting in place pro-growth policies that have helped the Commonwealth emerge as an economic leader during tough fiscal times.”

The December revenue numbers are available at this link:http://www.finance.virginia.gov/KeyDocuments/RevenueReports/MasterReportsList.cfm
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Sunday, December 29, 2013

Wall Street Journal Friday Morning Edition, December 27th, 2013. Podcast

World Bank Group President Jim Yong Kim partic...
World Bank Group President Jim Yong Kim participates in the Wall Street Journal, The Big Interview - What Will It Take? Restoring Growth, Spreading Prosperity in Times of Crisis (Photo credit: World Bank Photo Collection)



We had no idea that the Wall Street Journal has a podcast.  We just found this so we will see about bringing everyone new from the Wall Street Journal on a regular basis.  Again, if you do not have the time to listen to the entire show now, you are free to download a copy of it.
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Friday, September 13, 2013

Virginia Posts 4.8% Revenue Decrease in August

Governor of Virginia Bob McDonnell speaking at...
Governor of Virginia Bob McDonnell speaking at CPAC. Please attribute to Gage Skidmore if used elsewhere. (Photo credit: Wikipedia)
– Not a Significant Month for Revenue –
Year-to-Date Basis: Total Revenue Collections Rose 3 percent Through August, Ahead of Annual Forecast of 1.5 Percent Growth

RICHMOND - Governor Bob McDonnell announced today that August revenue collections decreased by 4.8 percent from August of last year. August is not a significant month for revenue collections. On a year-to-date basis, total revenue collections rose 3 percent through August, ahead of the annual forecast of 1.5 percent growth. Adjusting for the accelerated sales tax program and the 0.125 percent sales tax transfer required by last session’s historic transportation bill, total revenues grew 3.6 percent through August, ahead of the adjusted forecast of 1.4 percent growth.

            The decrease in August revenue was driven by a 5.5 percent decline in individual withholding payments. However, that reduction was expected following double-digit growth in withholding collections in July. In addition, this August featured one less deposit day than August 2012.  Additionally, sales and use tax collections fell 5.6 percent, reflecting sales in July.

            Speaking about the August numbers, Governor Bob McDonnell noted, “The Commonwealth just posted its fourth consecutive budget surplus. This is the first time that has been achieved during one gubernatorial administration since Governor Allen’s term in the mid-1990’s. While August revenue numbers are slightly down, as anticipated due to the importance of individual withholding payments, Virginia’s overall revenue picture continues to be positive. We are running ahead of  projections on a year-to-date basis, and we continue to make sound investments in areas like transportation, higher education, economic development and the Rainy Day Fund that are crucial to both the fiscal stability of state government and the growth of the private-sector. As we begin our work on the next biennial budget, which I will present in December, we will continue to adhere to a course of wise investment of limited resources in those sectors of government most crucial to spurring job-creation and providing opportunities for our citizens. I look forward to working with the legislature in crafting the Commonwealth’s budget blueprint for the next two years.”

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Monday, December 3, 2012

Gloucester, VA- December 21st, 2012 Is The End Of Days, However, What You May Not Know Is....




December 21st, 2012.  Who has not heard that this is the end of days or even the end of time?  We decided to explore this and have come up with some very interesting answers and some facts you may not already know.  The date for December 21st, 2012 is when the Mayan calendar ends.  The real meaning for all of this is it marks the end of time.  Well a time period actually.  We are presently in what is known as the Piscian age or the age of Pisces.  It's an astrological calendar.  What is interesting is that while we were investigating all of this, we also ran across similar codes in the Bible.  It turns out that one of the secret codes of the Bible is that it is encoded with astrological information.

  We are entering the age of Aquarius.  Starting on December 25th, we will be in the new age.  For those who remember this song on the following video, there was a real message here.



Listen to the words closely on this video.  It is seriously revealing hidden mysteries.  This was not some quirky fun song designed for entertainment.  It was a serious message to those whom could understand.



This video you can follow the words of the song.  http://youtu.be/Pzz20UBv3AM  This is another video on You Tube where the embedding code is disabled but the video gives some more interesting answers.  Yes we are shifting to a new age.



Now this video covers more on the end of days or the end of a time period.  A focus on the 11;11 code.  This will just drive you nuts.  Folks grabbing at straws.  Either way, just make sure you get all of your Christmas shopping done before the 21st of December and at before 11:11 AM so that all the stores can make their profits before the end of time.  Everything we know, life is going to continue to go on.  Edgar Cayce says that we are to experience a shift in consciousness.  That shift will be one where we will develop the ability to communicate with God through our own minds for those who choose to accept that gift.

  Our money is going towards the Edgar Cayce prophecies more than anything else.



An interesting video that is accurate to the readings of Edgar Cayce.  We will cover more on this area soon.
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Thursday, August 16, 2012

GVLN - Order Your Drag Queen Barbie In Time For Christmas


 Mattel Commissions ‘Drag Queen’ Barbie


Ken's sexual orientation and faux relationship with Barbie has previously-been exposed by photographer Dina Goldstein. 

Taking a step further, Mattel has now commissioned the first ‘Drag Queen Barbie’. 

Designed by NYC’s design house The Blonds (David Blond and Philippe Blond), the gender-bending doll called ‘The Blonds Blond Diamond Barbie Doll’ looks no different from a regular Barbie doll—but takes after cross-dresser Phillipe Blond of the design duo. 

The ‘Drag Queen Barbie’ is dressed to the nines, with a bejewelled mini corset dress covered in faux gems, a floor-sweeping faux fox fur coat and glittery pump—everything from her eyelashes to her nail polish is also ‘made up’. 

The doll retails exclusively online at US$125, and will be out in December.

For more information and pictures please CLICK HERE.

The picture above is of the guy the drag queen Barbie has been designed after.  

Just what your grandson has always wanted.  Be sure to order yours before December to get it in time for Christmas.  Just when you think it can't get any worse.


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