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HerefordSire

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This cash shortage can create allot of other issues. I am expecting this will get three times as bad. Katy bar the door, because they are coming

States in Deep Trouble Over Plunging Income Tax Revenues

The Nelson A. Rockefeller Institute of Government has issued a State Revenue Flash Report discussing an across the board enormous drop in personal income tax revenues.

Total personal income tax collections in January-April 2009 were 26 percent, or about $28.8 billion below the level of a year ago in states for which we have data. In April 2009 alone (April being the month when many states receive the bulk of their balance due or final payments), personal income tax receipts fell by 36.5 percent, or $18.2 billion.

Personal income tax receipts in the first four months of calendar year 2009 were greater than in 2008 in only three states — Alabama, North Dakota, and Utah.

In FY 2008, personal income tax revenue made up over 50 percent of total tax collections in six states — Colorado, Connecticut, Massachusetts, New York, Oregon, and Virginia. Personal income tax revenue declined dramatically in all six of these states for the months of January-April of 2009 compared to the same period of 2008. Among all 37 early-reporting states, the largest decline was in Arizona, where collections declined by nearly 55 percent.

In the month of April alone, 37 early reporting states collected about $18.2 billion less in personal income tax revenues compared to the same month of 2008.

This $18.2 billion is close to the $20 billion shortfall that states experienced in overall tax revenue collections in the first quarter of calendar year 2009. This is particularly bad news for the states that rely most heavily on personal income tax.

Given the ominous picture of personal income tax collections, deeper overall revenue shortfalls and further deterioration in states’ fiscal conditions are likely on the way for most states for the April-June quarter of calendar year 2009.

What a Bad April Does to State Budget Processes

An April income tax shortfall comes at the worst time of year for two reasons. First, by the time it is recognized in late April or mid-May, it is just 6-10 weeks before the end of the fiscal year for 46 states. For states without large cash balances, this can create a cash flow crunch or even a cash flow crisis. There is not enough time to enact and implement new legislation cutting spending, laying off workers, raising taxes, or otherwise obtaining resources sufficient to offset the lost revenue before the June 30 end of the fiscal year. As a result, a state without sufficient cash on hand to pay bills must resort to stopgap measures to “roll” the problem into the future.

Second, the increased budget problems caused by an April income tax shortfall come late in the fiscal year and late in the budget process — often as states are supposed to wrap up their budget negotiations.

The new bad news for elected officials can unsettle carefully balanced gap-closing plans already tentatively negotiated. Since the budget actions included in these tentative plans presumably were the most attractive options available to them, almost by definition actions to close new budget gaps will be much more difficult.

All of this makes it hard for budget negotiators to reach agreements that will fully close the new budget gaps. It raises the risk that the newly adopted budget will take an optimistic view of the year ahead and may unravel as the year progresses, requiring midyear cuts. And because those solutions that are adopted may be nonrecurring in nature, it raises the risk that states will face larger gaps for 2010-11 when such nonrecurring resources go away.
There are numerous tables in the report worth a look. In fact, the entire 9 page PDF is worth reading in entirety.

States most dependent on Personal Income Taxes

68.5% of Oregon's Tax Revenue from PIT. Collections off 27.0%
57.2% of Massachusetts' Tax Revenue from PIT. Collections off 28.5%
55.9% of New York's Tax Revenue from PIT. Collections off 31.8%
47.5% of California's' Tax Revenue from PIT. Collections off 33.8%
52.4% of Connecticut's Tax Revenue from PIT. Collections off 25.9%
52.7% of Colorado's Tax Revenue from PIT. Collections off 25.4%

Arizona's collections were down a whopping 54.9% depending 25.3% on Personal Income Taxes. South Carolina, Michigan, Vermont, Rhode Island, New Jersey, Idaho, and Ohio are also in deep trouble.

20 states depending on personal incomes taxes for > 25% of total taxes were down 20% or more on collections.

This is a very grim report on state finances.

http://globaleconomicanalysis.blogspot. ... nging.html
 

Lammie

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I heard or read somewhere, (senior moment) where pot is California's biggest cash crop. Now, if they would just legalize it and tax the crap out of it, it might help with their budget problem. I'm only halfway joking.

Fort Worth is laying off workers, so is Dallas and a lot of other cities around here. Burleson laid off all it's garbage collectors and contracted with a private company. Crowley built a brand new school that it can't open because it does not have the money to staff it. Several states, according to the Alzheimer's Association, have sharply cut services to the elderly along with support groups for their caretakers. I guess if you have dementia, your chances of getting to the polls are small.

I know a lady through the Alzheimer's Assoc. online support group that has moved she and her mother from Utah to California to get better services for her. I hope she isn't disappointed.

Texas is raising fares on it's toll roads because people aren't driving on them.

Those are some examples of things I have been made aware of lately.
 
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HerefordSire

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Lammie":2tqi3alq said:
I heard or read somewhere, (senior moment) where pot is California's biggest cash crop. Now, if they would just legalize it and tax the crap out of it, it might help with their budget problem. I'm only halfway joking.

Fort Worth is laying off workers, so is Dallas and a lot of other cities around here. Burleson laid off all it's garbage collectors and contracted with a private company. Crowley built a brand new school that it can't open because it does not have the money to staff it. Several states, according to the Alzheimer's Association, have sharply cut services to the elderly along with support groups for their caretakers. I guess if you have dementia, your chances of getting to the polls are small.

I know a lady through the Alzheimer's Assoc. online support group that has moved she and her mother from Utah to California to get better services for her. I hope she isn't disappointed.

Texas is raising fares on it's toll roads because people aren't driving on them.

Those are some examples of things I have been made aware of lately.

On the CNBC marijuana special, about 1 hour long, they showed California's legal marijuana business. And they are taxing it. However, every one selling legalized marijuana in the state is also under the jurisdiction of the USA where is is currently ruled illegal (DEA). By the way, it is under a clause of medicinal marijuana which I believe doctors have to OK it but not sure. They showed one county how most of the business was for MJ.

I think the states are going to have to be creative to get revenues in. When they increase taxes, jobs seem to be lost.
 
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HerefordSire

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grannysoo":1zxu3m2g said:
Bar the door and circle the wagons tight! This party has not even warmed up yet... :help:

Now could be a good time to rent a place by a Mexican beach and a bar for a couple of years if you are unemployed. Cartel, smartel, fartel....Se' Senior.
 

grannysoo

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Jogeephus":1uzpo2e9 said:
HS, you are just a doomsdayer. I mean, if things are as bad as you say then how on earth could Albany Georgia get $294,000 from the federal government to buy BowFlex equipment? Of course this isn't really tax money cause its grant money and that is different right?

http://www.walb.com/Global/story.asp?s=10524934

Grant money is "free" money Jogee. I thought you knew that.... :lol2:
 

Jogeephus

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grannysoo":1208yf9b said:
Jogeephus":1208yf9b said:
HS, you are just a doomsdayer. I mean, if things are as bad as you say then how on earth could Albany Georgia get $294,000 from the federal government to buy BowFlex equipment? Of course this isn't really tax money cause its grant money and that is different right?

http://www.walb.com/Global/story.asp?s=10524934

Grant money is "free" money Jogee. I thought you knew that.... :lol2:

For half that much money they could have paid me a consulting fee and I could have taught them how to do sit ups and push ups and push themselves away from the table a little sooner if they are so worried about their weight.

You should have seen all the equipment - it filled a whole bay. :shock: It just amazes me.
 

Lammie

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Getting back to the MJ thing, I ran into a movie last weekend called "Superhigh Me", where a comedian takes a challange to spend thirty days without smoking pot and then thirty days staying stoned during all his waking hours. He did things like write jokes under and not under the influence, he took the SAT's straight and stoned, stuff like that. Anyway, he was touring the whole time and when he was in Cali, he checked out the MJ stores there and I could not believe it. That stuff is everwhere there. And in every form you can think of. I guess I'm just a simpleton at this stuff. That was where I heard about Cali's largest cash crop being MJ.

It was a pretty funny movie no matter how you feel about the subject. And this guy was doing interviews, smoking up in the green room beforehand. I don't know how he avoided arrest. Everyone knew he was doing it, too. It was the whole reason he was touring. He had to go see doctors and psychologists while he was doing it. Pretty funny stuff. I didn't finish watching it. Kid has mono and he required some assistance.

Anyway, I have a friend that's about to retire to Mexico. I don't think I'm willing to do that but he seems to think it will make his money go farther.

Oh, and I got my tax assessment on my mineral rights. Yep, I'm protesting that! I have taxes there for the City of Alvarado and I don't get city services. Not to mention the stupid amount of money... So looking forward to this hearing...
 

TexasBred

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Lammie, if you're receiving royalty payments just take a record of your payments to the taxing agency. They should work with you. If you have no production the minerals do not yet have any value at all. Johnson Co. CAD worked real good with us.
 

grannysoo

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Ryder":2de9loax said:
grannysoo":2de9loax said:
Bar the door and circle the wagons tight! This party has not even warmed up yet... :help:
BUT, BUt, But, but...change is on the way . Did you forget?

Change is right. That's all we're going to have left in our pocket when these guys get finished with us.
 
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HerefordSire

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HS, you are just a doomsdayer. I mean, if things are as bad as you say then how on earth could Albany Georgia get $294,000 from the federal government to buy BowFlex equipment? Of course this isn't really tax money cause its grant money and that is different right?

Here is the text of the article. Below you can see another article referring to stimulous. The bow flex equipment is being financed by foreigners and we pay them interest. The $294K is likely to be much higher yet the equipment will depreciate. The equipment will be unusable before the principal is paid back. But, health is health. And deserving firemen having longer lives can drain the county from pension payments when they retire.

ALBANY, GA (WALB) - New equipment is being delivered to the Albany Fire Department this week, but it isn't a ladder truck or fire hoses. It's fitness equipment.

Recently the department got a $294,000 grant to purchase the machines to improve the overall fitness of firefighters. Every year, more than 100 firefighters die in the line of duty, often from heart attacks.

Fitness for firefighters is essential since they carry more than 50 pounds of equipment with them whenever they respond to a call.

"Now we're going into the phase of getting our equipment, going through and getting our employees physicals, and health updates and some counseling on different types of situations with their health," said Asst. Fire Chief Ron Rowe.

More equipment is due to arrive in the next few weeks. The equipment will be distributed to the 11 stations that AFD maintains throughout the county.

http://www.walb.com/Global/story.asp?s=10524934



A program of the Federal Emergency Management Agency (FEMA), grants are awarded to fire departments to enhance their ability to protect the public and fire service personnel from fire and related hazards. Three types of grants are available: Assistance to Firefighters Grant (AFG), Fire Prevention and Safety (FP&S), and Staffing for Adequate Fire and Emergency Response (SAFER). This Website provides a description of the three types of grants available and offers resources to help fire departments prepare and submit grant requests plus information on the new SCG Grant.
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Stimulus Package

As many of you are aware, the American Recovery and Reinvestment Act (Public Law 111-5) provided FEMA with $510 million dollars in grant funds for the following programs:

$150M for the Port Security Grant Program;
$150M for the Transit Security Grant Program; and
$210M for Fire Station Construction
The Grant Programs Directorate (GPD) of FEMA, which includes the AFG Program Office, has been working closely with a number of stakeholders over the last six weeks to solicit input on how these programs should look. We are very appreciative of all of the good information we've received from a number of constituencies. We have developed draft guidance, which is currently going through leadership review. At present, we plan on announcing these three guidance packages in late May. We will ensure that notification is issued when the Fire Station Construction application becomes available.

http://www.firegrantsupport.com/
 

john250

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HerefordSire":36zr9z7c said:
ALBANY, GA (WALB)
Recently the department got a $294,000 grant to purchase the machines to improve the overall fitness of firefighters. Every year, more than 100 firefighters die in the line of duty, often from heart attacks.

You have to admit, for a town the size of Albany that is a heavy toll. Besides, if you have ever watched the Bowflex tv ads you have to admit the results are impressive.
 
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HerefordSire

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john250":30gi3uxk said:
HerefordSire":30gi3uxk said:
ALBANY, GA (WALB)
Recently the department got a $294,000 grant to purchase the machines to improve the overall fitness of firefighters. Every year, more than 100 firefighters die in the line of duty, often from heart attacks.

You have to admit, for a town the size of Albany that is a heavy toll. Besides, if you have ever watched the Bowflex tv ads you have to admit the results are impressive.


Sure would be cheaper to have them walk around the block in 100 degree temos and 80% humidity. The interest is allot lower.
 

grannysoo

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HerefordSire":2vzg3cuq said:
john250":2vzg3cuq said:
HerefordSire":2vzg3cuq said:
ALBANY, GA (WALB)
Recently the department got a $294,000 grant to purchase the machines to improve the overall fitness of firefighters. Every year, more than 100 firefighters die in the line of duty, often from heart attacks.

You have to admit, for a town the size of Albany that is a heavy toll. Besides, if you have ever watched the Bowflex tv ads you have to admit the results are impressive.


Sure would be cheaper to have them walk around the block in 100 degree temos and 80% humidity. The interest is allot lower.

That toll is the nationwide number, not just for Albany. If we want to train them to stand the heat better, I've got a haypatch that is begging for them to train in...
 
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HerefordSire

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grannysoo":2kbxlu2i said:
That toll is the nationwide number, not just for Albany. If we want to train them to stand the heat better, I've got a haypatch that is begging for them to train in...

How much do you charge for training? I know the article mentioned 50 pounds they have to carry. What a cooincidence. How much does a feed sack weigh or a square bale of hay? :mrgreen: :mrgreen: :mrgreen:
 

john250

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grannysoo":3jh2was4 said:
HerefordSire":3jh2was4 said:
john250":3jh2was4 said:
ALBANY, GA (WALB)
Recently the department got a $294,000 grant to purchase the machines to improve the overall fitness of firefighters. Every year, more than 100 firefighters die in the line of duty, often from heart attacks.

You have to admit, for a town the size of Albany that is a heavy toll. Besides, if you have ever watched the Bowflex tv ads you have to admit the results are impressive.



That toll is the nationwide number, not just for Albany. If we want to train them to stand the heat better, I've got a haypatch that is begging for them to train in...

Oh, never mind. If that is nationwide, I imagine it is a lot better than the general population. :) I bet we start seeing Albany a lot in those "hunky firefighters" calendars the girls all buy.
 

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