Significant corporate tax refund requests led to a decrease in franchise and excise tax revenues in October, putting total collections at $703.5 million, or 6.42% less than October 2006 collections. “Unusually large refund requests by corporate taxpayers for overpayments in the 2007 fiscal year made franchise and excise collections weaker than expected,” said Tennessee Department of Revenue commissioner Reagan Farr. “The significant outflow of refunds may be an early sign of a softening economy and less robust revenue collections.”In October, the third month in fiscal 2008, general fund revenues were $102.4 million less than the budgeted estimate. Franchise and excise taxes combined were $17 million below the budgeted estimate, while sales tax collections were $16.5 million less than the forecast. Gasoline and motor fuel collections increased by 2.45 % and were $3.5 million above the budgeted estimate of $72.7 million. Year-to date collections for three months have been $135.9 million less than the estimate. “Continuing to be conservative is critical as we begin to navigate what appears to be a softening economy,” said Finance and Administration commissioner Dave Goetz. The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the General Assembly in June.
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"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
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"Each party in this deal benefits in some way," said Seema Mohanty, founder of Mohanty Gargiulo.
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The California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.
April 24 -
The "impressive" investor appetite for tax-exempts has been "holding steady all quarter despite expensive valuations, supply surges and periods of low reinvestment demand," said GW&K Investment Management strategists in a report.
April 24 -
As space becomes an increasingly important frontier for development and competition, spaceports should enjoy the same financial benefits as airports and seaports, say supporters of the federal legislation.
April 24 -
The governor should have involved the legislature earlier in decision making on how to give the Water and Power Authority money to make a bond payment, lawmakers said.
April 24