Jeff Carr

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Economists downgrade state revenue projections

MONTPELIER — Economists for the Scott administration and lawmakers say the state is expected to take in $24.6 million less in revenue during the remainder of the current fiscal year because of a significant decline in corporate income tax it is owed. Economists Jeff Carr and Tom Kavet, who work for the governor and Legislature, respectively, issued their twice yearly revenue forecast Thursday for the state’s Emergency Board. They declared Vermont’s economy is growing, albeit slowly, and prompting businesses to expand and hire. But that, in turn, is causing a drop in their profits as their expenditures increase, resulting in less corporate tax revenue for the state. “Revenues … absent one category would be upgraded this time. Continue Reading →

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Economists: state revenues to grow less than expected

MONTPELIER — Economists for the Shumlin administration and Legislature issued a revised state revenue forecast for the current fiscal year Thursday that projects a total of $28 million less in revenue, but growth over the 2016 fiscal revenues. Tom Kavet and Jeff Carr, consulting economists for the administration and lawmakers, issued their revised revenue forecast Thursday to the state’s Emergency Board, which includes the governor and the four chairs of the Legislature’s money committees. Revenue for the state’s general fund was lowered by $21 million, while revenues for the transportation and education funds were lowered by $3.5 million and $3.4 million, respectively. Still, revenues are expected to grow above the 2016 fiscal year, which closed on June 30, both Kavet and Carr said. “The upturn continues, that’s the good news,” Carr told the Emergency Board. Continue Reading →

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Revenue downgrade expected Thursday

MONTPELIER — The Shumlin administration is expecting economists to issue a downgraded revenue forecast this week, continuing a trend of lackluster revenue growth in recent years. The state’s Emergency Board — comprising the governor and the heads of Legislature’s four money committees — will gather Thursday to receive a new consensus forecast. The updated revenue prediction is not expected to be good news. Administration Secretary Justin Johnson said the administration expects Tom Kavet and Jeff Carr, consulting economists for the administration and lawmakers, to predict lower revenues for the 2017 fiscal year than they first forecast in January. The revenue forecast accepted by the Emergency Board in January already included a $9.1 million downgrade for 2017. Continue Reading →

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State revenues get slight downgrade

MONTPELIER — Economists for the Shumlin administration and the Legislature have revised projected state revenues downward for the remainder of the current fiscal year and the next fiscal year for the general and education funds. The new consensus forecast was delivered to the Emergency Board Tuesday by Tom Kavet and Jeff Carr, consulting economists for the administration and lawmakers. The general fund is now expected to see $4.7 million less revenue in the current 2016 fiscal year and $9.1 million less in the 2017 fiscal year. The education fund, meanwhile, is expected to see $1 million less in the current fiscal year and $500,000 less in the 2017 fiscal year. The transportation fund is now expected to grow by $900,000 more in the current fiscal year and $1.1 million more in the 2017 fiscal year. Continue Reading →

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Economists: Revenue downgrade for general fund, despite drop in oil prices

MONTPELIER — Gov. Peter Shumlin and lawmakers crafting the 2016 fiscal year budget will have to dig a little deeper after state economists provided a downgrade to the general fund revenue forecast Tuesday, despite positive signs in the economy related to lower oil prices. The Emergency Board, comprised of the governor and the chairs of the Legislature’s money committees, were told Tuesday that revenues are projected to be $18 million lower than previously expected in the 2016 fiscal year budget. The state was already facing a $94 million projected gap, which Shumlin’s proposed budget would close through a combination of cuts and tax increases. Economists Jeffrey Carr and Tom Kavet, who provide revenue forecasts to the state twice a year, also downgraded revenues for the current fiscal year by $10 million. The Shumlin administration and lawmakers, anticipating that, are working to lower the current budget in the annual budget adjustment process by $17 million. Continue Reading →

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