Legislators use cuts, taxes, rainy day fund to balance budget

first_imgLegislative leaders announced today that they had put together a package of tax increases, budget cuts and some of the state’s “rainy day” funds to offset a $100 million General Fund budget deficit.Speaker Smith and Senate President Pro Tem Shumlin called it a responsible approach to balancing the budget. The proposal is made up of a $26 million revenue package, $71 million worth of reductions and $3.3 million of rainy day funds. By eliminating the capital gains and income tax deductions loophole, the revenue package reduces Vermonters income taxes by lowering the marginal tax rates.  The full passage of this package will result in lower incomes taxes for the vast majority of Vermonters and would drop Vermont s top marginal rate from first to fifth nationally.  We have proposed a thoughtful package that reduces Vermonter s income taxes at a time when they need the relief more than ever, said Senator Shumlin.The proposal also includes an additional $46 million of reductions, on top of the $25 million that the Senate proposed earlier this year. These reductions include a $19.8 million reduction in the General Fund transfer to the Education Fund and $26.5 million of additional reductions to various state services. The reductions to services are incredibly hard to make but these very difficult times call for very difficult decisions to be made, said Speaker Smith.The legislative leaders said they have been involved in productive conversations with the Douglas Administration over the past several days and remain open to further discussions.  The leaders put forward their balanced proposal today in order to continue to move forward and meet their adjournment schedule.  The budget and miscellaneous tax conference committees will begin their work on this proposal this afternoon.Budget Closing Construct:Adjusting for the Revenue downgrade:I. FY 2009 Shortfall: $14.7 milliona) Use carry forward which was to be held for FY 2010 $11.7 millionb) Use Caseload Reserve or other receipts $ 3.0 millionII. FY 2010 Deficit before revenues: $75.7 millionConsists ofa) Additional revenue downgrade: $34.3 millionb) Less property transfer tax to GF $ 3.6 millionc) Less FY 2009 carry forward $11.7 milliond) Senate revenue package $26.1 millionIII. FY 2010 Closing Constructa) Revenues (built on House/Senate agreed items) $26.1 million[Misc. Tax conference committee]b) Further reductions above Senate Appropriations bill $26.5 millionIncludes:1. No funding for Human Resources IT project unlesscovered in capital bill ($4.5 million)2. $6 million for economic development reducedto $4.5 million ($1.5 million)[Appropriations Conference Committee]c) Reduction in GF transfer to Ed Fund $19.8 million& Related Ed. Fund adjustments:1. Education payment reduced to 2.1% growth2. Non residential tax rate at $1.36d) Caseload reserve or other budget reductions $ 3.3 million- TAX PROPOSAL ATTACHEDSource: Senate President’s Office AttachmentSize Final May Tax Proposal.pdf13.52 KBlast_img read more

Win a luxurious overnight stay for two in the Mulroy Woods Hotel

first_imgOne Year on and the Mulroy Woods Hotel, Milford is going from strength to strength.To Celebrate their First Year Anniversary and the Launch of their new video promoting both the Hotel and the magnificent scenery on our doorstep, we are offering ONE Lucky Person the chance to WIN a Luxurious Overnight Stay for Two!This fabulous prize includes; A cosy overnight stay for TWO in a Superior Guest Room, Buffet Breakfast, Dinner, Champagne & Chocolates!To Enter Simply LIKE, SHARE & COMMENT with why you would like to WIN!In just twelve months the Hotel has been transformed into a stunning venue and we now present one of the finest Hotels in Donegal. Owners Marty & Patricia Kelly are over whelmed with the support to date from the local community and the greater Donegal area and are looking forward to seeing you all in “The Woods” soon. In addition to the extensive refurbishment project that is still ongoing 12 new superior guest bedrooms were constructed which now brings the bedroom total to 45.Sales & Marketing Manager  Siobhán Barrett-Doherty is delighted as business is going from strength to strength.“We have experienced a great season embracing all that this fabulous region has to offer, our proximity to some of the most stunning iconic attractions in the county makes The Woods the ideal base for exploring. Customer feedback in relation to the new look Mulroy Woods Hotel has been phenomenal and we are already experiencing a lot of repeat business. In addition to our individual guest leisure business, contracts are now firmly in place with some of the top incoming Tour Operators to Ireland, this will see a steady flow of International Coach Business coming to the Hotel from this summer onwards.”Wedding bookings are increasing week on week and all wedding parties are delighted with the warm and inviting ambience that we have created ensuring a memorable experience for all their wedding guests. We have created a destination Wedding venue whereby family and guests can come together to celebrate and savour the delights of the region at the same time. We will ensure your dream wedding your way..Our elegant banqueting suites provide the perfect ambience and intimacy, the Glashagh Suite catering for up to 400 guests and the Mulroy Suite for up to 200 guestsThe old world character of this landmark hotel captures the essence of Irish hospitality, where traditional Donegal charm meets modern luxury. The hotel’s plush décor creates an instant sense of comfort and cosiness, this is a Hotel with heart. Roaring turf fires and delicious cuisine welcome you in winter. While in summer the ‘Woods’ make you feel like you’re in the middle of an Irish garden.It will be our pleasure to welcome you over the coming months and years ahead, welcoming hospitality, tranquil surroundings…all that’s missing is you! Win a luxurious overnight stay for two in the Mulroy Woods Hotel was last modified: August 18th, 2016 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:commentgiveawayhotellikeluxuriousmulroy woodsnight for twoSharelast_img read more