Revenue Letters to Governor Mark Warner
From John M. Bennett, Secretary of Finance
1) March 12, 2004 – February Revenue Data
“Total general fund revenue collections increased 7.1 percent in February, with strength in withholding and sales tax collections. Revenue growth for the month was healthy, but is distorted somewhat by being compared to February 2003, when a significant blizzard disrupted business activity and sales.
Year-to-date revenue growth through February stands at 6.4 percent — slightly behind the forecast of 6.7 percent growth for the year.”
2) April 16, 2004 – March Revenue Data
“….year-to-date revenue growth stands at 7.7 percent — ahead of the annual forecast of 6.7 percent growth”
“Current economic indicators suggest the economy is gaining strength”
“Monthly revenue collections grew 22.5 percent in March, largely due to a strengthening employment picture and the temporary spending stimulus of federal income tax refunds.”
3) May 14, 2004 – April Revenue Data
“Total general fund revenues grew 22.5 percent in April.”
“Recent strength in employment has also spurred revenue growth.”
“Through April, year-to-date growth in general fund revenue is 9.5 percent greater than the same period last year – well ahead of the estimate of 6.7 percent. “
4) June 11, 2004 – May Revenue Data
“Total general fund revenues in June must exceed $1.17 billion in order to meet the fiscal year 2004 forecast.”
“Recent strength in revenue collections, combined with increases in payroll employment, makes it highly likely that actual collections will substantially exceed the forecast. “
“Monthly revenue collections grew 7.3 percent in May. The strengthening economy is driving solid growth in sales tax collections and in withholding receipts. A few large estate tax payments and fewer income tax refunds in May also boosted growth for the month. Total year-to-date revenue growth of 9.3 percent exceeds the annual estimate of 6.7 percent growth.”
5) August 23, 2004 – June Revenue Data (Year End) *
* – Revenue letters are not published in June, but the information is released in the Secretary of Finance’s presentation to the Joint Money Committee’s in August.
Forecast Actual $ Variance % Growth
Total GF Revenue $ 11,594.1 $ 11,917.9 $ 323.8 9.7 %
“Actual collections exceeded the forecast by 2.8%.”
[Revenue growth in the month of June was 12.5% !]
Gilmore Senate Campaign reminds Virginians there is only one consistent candidate in the race
Just remember, when you hear Mark Warner keep in mind, that one thing Virginia’s working families have learned about Mark Warner is that where he stood yesterday, or where he stands today, has nothing to do with where he may stand tomorrow.
The voters of Virginia know all too well as evidenced by the 2001 gubernatorial debates, where Mark Warner repeatedly pledged to the working families of Virginia that he would not raise taxes, that he broke that promise upon taking office and instead gave Virginians a $1.4 billion tax increase, the largest in Virginia history, despite there being a significant budget surplus of $324 million.
On the Car Tax
Governor Gilmore phased out 70 percent of the car tax during his term as Governor. The 4th and final car tax cut of the remaining 30 percent was supposed to happen under Mark Warner but he blocked it, claiming the state could not afford to finish the car tax cut — just as he claimed the state had a budget mess when he raised taxes by $1.4 billion.
After cutting the car tax by 70 percent so working families would have more of their money, Governor Gilmore left Mark Warner a balanced budget as required by law and more than $1 billion in the state’s Rainy Day Fund. Claiming the state had a budget deficit, Mark Warner stopped the final phase of the car tax cut, increased taxes by a record amount and raided the Rainy Day Fund twice! Then only weeks later, Mark Warner disclosed the state actually had a surplus — not a deficit as he had claimed.
At the time Governor Gilmore began the car tax cut it represented 2.5 percent of the total state budget — not a high percentage of tax dollars to be returned to working families. Today the car tax cut represents only 1.3 percent of the total state budget — so when Democrats claim that even today the car tax cut is still causing problems for the state budget they are incorrect. The problem is spending. The state budget has increased by $25 billion — a 50 percent increase in the seven years of the Warner/Kaine administrations — with no further tax relief.
This election is about trust. Mark Warner is a big spending, high tax opportunist, a say anything to get elected politician who broke his word repeatedly to the voters. Governor Gilmore kept his promises and is a straightforward and principled leader who has proven that he will do what he says he will do.
Mark Warner on the NRA
To a group in Northern Virginia in May of 1994, Mark Warner said the following about the NRA and other groups.
“One of the things you are going to see is a coalition that is just about completely taken over the Republican Party in this state and if they have their way it’s going to take over state government. It is made up of the Christian Coalition, but not just them. It is made up of the right-to-lifers, but not just them. It’s made up of the NRA, but not just them. It is made up of the home schoolers, but not just them. It’s made up of a whole coalition of people that have all sorts of differing views that I think most of us in this room would find threatening to what it means to be an American.“
Mark Warner cannot be trusted
Mark Warner broke a series of promises he made while running for governor. Now, liberal Mark Warner is telling the people of Virginia he is bipartisan. Mark Warner cannot be trusted and the Jim Gilmore for Senate campaign has released a video highlighting broken promises by the most notorious politicians.