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

Aston: We can test England

first_imgIreland coach Mark Aston insists his side can improve on their opening World Cup defeat by Fiji and challenge England at Huddersfield on Saturday. A 32-14 defeat in front of a sell-out partisan crowd of 8,872 at Rochdale on Monday night leaves the Irish needing to pull off a shock win over Steve McNamara’s men in their second group A match at the John Smith’s Stadium to keep alive their outside hopes of reaching the quarter-finals. “We’ve only been together for 10 days so in a very short space of time we’ve had to mould a team together,”Aston said. Press Association “We’ve a short turn-around but we’ll dust ourselves down. We’ll have a look at it tomorrow, train hard Wednesday, Thursday and Friday and we’ll turn up on Saturday. “If they give 100 per cent commitment and be just a little bit smarter towards the end of the sets, I’m sure we can challenge England. “England haven’t been great of late, have they?” England, whose coach Steve McNamara was at the game, will be without forward Sam Burgess on Saturday after he was handed a one-match ban for a high tackle on Australia second-rower Sam Thaiday during their 28-20 defeat in Cardiff. The Fijians, who also ended Ireland’s hopes at the last World Cup in 2008, made a tremendous start to Monday’s match with two tries in the first 12 minutes and winger Akuila Uate ran in two in 10 minutes in the second half to complete his hat-trick. “They came out hard and we knew they would,” Aston added. “They’ve quite a number of NRL players and they were always going to be physical and tough. “We needed to play a bit smarter but up front we had a massive dig. I know they’ll turn up every week and have a dig on Saturday and the Saturday after. I’m proud of what they tried to do and we will only get better.” Trailing 32-4 after 72 minutes, Ireland hit back with late tries from winger Damien Blanch and debutant forward James Hassan to gain some respectability. Aston was delighted with the debuts of NRL-based players Hassan, Brett White, Api Pewhairangi and Rory Kostjasyn. “James Hassan i s a good young kid who was born in London,” he said. “He’s a bonus for us. He will be around the Ireland circuit for a number of years, as Api will and one or two of the others. “Brett White must have been the best player on the pitch by a country mile and I thought Rory Kostjasyn was outstanding as well. They’ve certainly had a massive impact but some other players stood up as well and did themselves proud.” Fiji, who were cheered by the largest expatriate community outside London, will now take on Australia at St Helens on Saturday looking to spring an upset. last_img read more

B&H Juniors Better Than Hungary After Overtime

first_imgIn the first quarterfinal of the F Group of the European Championship in B Division for players until 18, the women’s junior basketball team of B&H beat Hungary last with a score of 66:65 in overtime.The B&H team was led to a fourth victory by Andela Delić with 19 points and Nikolina Džebo with 17 points. The most efficient players from the Hungarian team were Dubei with 12 points and Raus with 10 points.With this win, the B&H team has made another step towards the semi-finals, and will play against Latvia today.(Source: Fena)last_img