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Today is Saturday, July 31, 2010
Latest News
NOTES FROM THE SENATE, JULY 30, 2010
“TURNS OUT THAT LIGHT AT THE END OF THE TUNNEL WAS A TRAIN”
A reflection on the events at the end of the FY2010 shows effects into FY2011 and FY2012 as well. What this means is that the state’s economy, while marginally improving, has not shown any signs of growth meeting the predictions as represented by the revenue estimate in FY2010 and therefore presents serious problems in the FY2011 Amended and FY2012 budgets as well. This spring state revenues were supposed to level out and equal the level of a year ago and set the stage for growth in FY2011. That has not happened. (More)
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NOTES FROM THE SENATE, JULY 23, 2010
SALES TAX EXEMPTIONS
In the recent gubernatorial primaries, much was said about eliminating various sales tax exemptions as a means to offset budget reductions. The General Assembly greatly facilitated this review with the passage of SB206 which requires an annual Tax Expenditure Review to be submitted with the Governor’s Budget Recommendation. (More)
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NOTES FROM THE SENATE, JULY 16, 2010
FY 2010—A YEAR TO REMEMBER AND FORGET
With the June Revenue numbers in, Fiscal Year 2010 drew to a close and the curtain fell on a forgettable year that saw state revenues decline by some $1.7 billion dollars in this fiscal year alone. The repercussions rippled through state government as most agencies saw an additional 9% or more reduction to follow the previous year’s 9-10% cut with a number of agencies having even larger cuts. This year saw real cuts in education-cuts that could not be made up with federal AARA funds as in the previous year. June total revenues were up slightly at positive 3.8% with individual income taxes up 9.3% and net sales taxes at a negative 8.4%. Total gasoline taxes were up 7.4% and corporate income taxes were up 32.7% or $38 million dollars for the month. (More)
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