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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The bonds refunded of two earlier series of student fee bonds: the taxable Series Z-2 Build America Bonds, and the tax-exempt Series BB-1 bonds.
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LSEG Lipper reported fund inflows of $447 million while high-yield muni bond funds saw another round of inflows at $246 million, marking the 12th consecutive week of positive flows in that space.
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Hawaii Gov. Josh Green outlined the state's plan to permanently house everyone displaced by the fire — and how he plans to pay for it during a media briefing.
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D.C. promises $515 million in improvements to its existing downtown arena.
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A bond-financed purchase of the Stanley Hotel in Estes Park, Colorado, which served as an inspiration for Stephen King's The Shining, is being pursued by the Colorado Educational and Cultural Facilities Authority.
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In a recently released survey by the Citizens Budget Commission, New Yorkers said they are feeling much less safe, with only 37% rating public safety in their neighborhood as excellent or good, down from 50% in 2017.
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