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    W - Legislative Joint Fiscal Office - Review of Administration 06-20-18 Proposal - 6-20-2018

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    Aki Soga
    This document provides a preliminary review and analysis of an administration proposal on fiscal matters. Key points include: 1) The administration proposes no changes to their previous positions on keeping average residential and non-residential property tax rates flat. 2) The analysis agrees with parts of the administration's proposal regarding corporate tax refunds and contingencies. 3) The administration's presentation contained an error in its calculation of the cost of maintaining residential property taxes, impacting the reported surplus amount. 4) Funding amounts remaining after accounting for agreements and corrections would allow partial reductions in non-residential tax rates, though more funding would be needed for further reductions. 5) Other fiscal issues flagged include

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    W - Legislative Joint Fiscal Office - Review of Administration 06-20-18 Proposal - 6-20-2018

    Uploaded by

    Aki Soga
    2K views1 page
    This document provides a preliminary review and analysis of an administration proposal on fiscal matters. Key points include: 1) The administration proposes no changes to their previous positions on keeping average residential and non-residential property tax rates flat. 2) The analysis agrees with parts of the administration's proposal regarding corporate tax refunds and contingencies. 3) The administration's presentation contained an error in its calculation of the cost of maintaining residential property taxes, impacting the reported surplus amount. 4) Funding amounts remaining after accounting for agreements and corrections would allow partial reductions in non-residential tax rates, though more funding would be needed for further reductions. 5) Other fiscal issues flagged include

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    Joint Fiscal Office analysis of Administration Proposal June 20, 2018

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    W_Legislative Joint Fiscal Office_Review of Administration 06-20-18 Proposal_6-20-2018

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    This document provides a preliminary review and analysis of an administration proposal on fiscal matters. Key points include: 1) The administration proposes no changes to their previous positions on keeping average residential and non-residential property tax rates flat. 2) The analysis agrees with parts of the administration's proposal regarding corporate tax refunds and contingencies. 3) The administration's presentation contained an error in its calculation of the cost of maintaining residential property taxes, impacting the reported surplus amount. 4) Funding amounts remaining after accounting for agreements and corrections would allow partial reductions in non-residential tax rates, though more funding would be needed for further reductions. 5) Other fiscal issues flagged include

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    © All Rights Reserved
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    2K views1 page

    W - Legislative Joint Fiscal Office - Review of Administration 06-20-18 Proposal - 6-20-2018

    Uploaded by

    Aki Soga
    This document provides a preliminary review and analysis of an administration proposal on fiscal matters. Key points include: 1) The administration proposes no changes to their previous positions on keeping average residential and non-residential property tax rates flat. 2) The analysis agrees with parts of the administration's proposal regarding corporate tax refunds and contingencies. 3) The administration's presentation contained an error in its calculation of the cost of maintaining residential property taxes, impacting the reported surplus amount. 4) Funding amounts remaining after accounting for agreements and corrections would allow partial reductions in non-residential tax rates, though more funding would be needed for further reductions. 5) Other fiscal issues flagged include

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    Administration Proposal - Joint Fiscal Analysis - June 20, 2018

    Preliminary Review - Draft 1:09 PM

    1. As we understand the proposal there is no change from their positon:


    • Flat average residential

    • Flat non residential

    2. We agree with Box One and Two in their proposal:

    • Ten million corporate refund is part of $19 million contingent

    3. The third box in their presentation contains an error:

    • The cost of maintaining the residential property tax is $23.2 million not $20
    million

    • This means that the $33.2 million surplus is actually $30 million

    4. That leaves $15 million for the Governor and $15 million for the
    Legislature:

    • The Governor’s $15 million would buy the nonresidential rate to $1.561

    • $9 million of this is contingent but very likely

    5. To buy the non-residential rate down to $1.535 the Governor would need
    another $11 million:

    • These are funds above the current forecast in the General Fund and above
    the current collections

    6. Other Fiscal Issues:

    • Until a revenue change in July, the Education Fund reserve will be below
    5%. It will remain below unless funded.

    • FY 2020 will have a $50-$56 million shortfall that could be covered by more
    one time money, lower growth rates, or higher tax rates

    VT LEG #334501 v.1

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