OMT One Man's Trash...from Norman Leahy



Friday, March 17, 2006 :::
 

Surpluses

The state's coffers continue to swell. From yesterday's TD:

The Kaine administration, meanwhile, reported yesterday that state tax collections, from July through February, have grown 10.6 percent over the same period a year earlier.

The announcement was the latest sign of continuing economic strength, which has already produced a $1.4 billion surplus and provided opponents of additional taxes with a strong argument to resist what could be the second increase in three years.

An overview of the numbers for February can be found here. Interesting note about these figures :

Most of the February revenue growth was due to solid growth in individual withholding payments. Through February, revenues have grown 10.6 percent over the same period last year.

Meanwhile, Chris Saxman has this post on Virginia's debt burden:

In Article X, section 9 of the Constitution of Virginia says that only 15% of the average of the revenue derived from income and retail sales tax for the three fiscal years preceding the incurring of the debt can be used to pay off debt. The constitutional limit is 15%.

Guess what the operating limit or internal cap is? Only 5%.

Want to know what the most recent interest rate is that Virginia got for a bond issuance is?
Try 3.7%.

And it also seems as though the Senate has had it's nose in the debt pile...but it's for the children, of course.



::: posted by Norman Leahy at 3/17/2006 1 comments





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