Revenue Estimating Conference Approved Forecast
GOVERNMENT OF THE U.S. VIRGIN ISLANDS REVENUE ESTIMATING CONFERENCE CONVENED PURSUANT TO V.I. CODE TITLE 2 CHAPTER 2 SECTION 20d APPROVED FORECAST OF ANTICIPATED TERRITORIAL REVENUES FOR FISCAL YEAR OCTOBER 1, 2017 TO SEPEMBER 30, 2018 GENERAL FUND (DOLLARS IN MILLIONS) CURRENT PLANNED CONFERENCE LAW* INITIATIVES FORECAST 1 INDIVIDUAL INCOME TAX $ 3672 $ 25.0 $ 392.2 2 CORPORATE INCOME TAX 60.9 0.0 60.9 3 TAX REFUNDS & CREDITS (60.0) (3.5) (63.5) 4 INCOME TAXES, NET $ 3681 $ 21.5 $ 389.6 5 REAL PROPERTY TAX 60.0 10.0 70.0 6 GROSS RECEIPTS TAX 176.6 5.0 181.6 7 GR TAX PLEDGED FOR DEBT SERVICE (65.1) 0.0 (65.1) 8 TRADE, EXCISE & OTHER TAXES 32.4 23.0 55.4 9 TOTAL TAXES, NET $ 572.0 $ 59.5 $ 631.5 10 DUTIES, PILOT & OTHER REVENUES 21.0 32.0 53.0 11 TAXES & REVENUES $ 593.0 $ 91.5 $ 684.5 12 TRANSFERS FROM OTHER FUNDS, NET 73.8 0.0 73.8 13 TOTAL TAXES & OTHER REVENUES $ 6668 $ 91.5 § 758.3 * ACT NO.7521 REQUIRES A FORECAST BASED ON THE ASSUMPTION THAT CURRENT LAW WILL BE IN EFFECT DURING THE FORECAST PERIOD WHEREAS, A SEPTEMBER (2016) REVENUE ESTIMATING CONFERENCE WAS CONVENED ACCORDING …
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GOVERNMENT OF THE U.S. VIRGIN ISLANDS REVENUE ESTIMATING CONFERENCE CONVENED PURSUANT TO V.I. CODE TITLE 2 CHAPTER 2 SECTION 20d APPROVED FORECAST OF ANTICIPATED TERRITORIAL REVENUES FOR FISCAL YEAR OCTOBER 1, 2017 TO SEPEMBER 30, 2018 GENERAL FUND (DOLLARS IN MILLIONS) CURRENT PLANNED CONFERENCE LAW* INITIATIVES FORECAST 1 INDIVIDUAL INCOME TAX $ 3672 $ 25.0 $ 392.2 2 CORPORATE INCOME TAX 60.9 0.0 60.9 3 TAX REFUNDS & CREDITS (60.0) (3.5) (63.5) 4 INCOME TAXES, NET $ 3681 $ 21.5 $ 389.6 5 REAL PROPERTY TAX 60.0 10.0 70.0 6 GROSS RECEIPTS TAX 176.6 5.0 181.6 7 GR TAX PLEDGED FOR DEBT SERVICE (65.1) 0.0 (65.1) 8 TRADE, EXCISE & OTHER TAXES 32.4 23.0 55.4 9 TOTAL TAXES, NET $ 572.0 $ 59.5 $ 631.5 10 DUTIES, PILOT & OTHER REVENUES 21.0 32.0 53.0 11 TAXES & REVENUES $ 593.0 $ 91.5 $ 684.5 12 TRANSFERS FROM OTHER FUNDS, NET 73.8 0.0 73.8 13 TOTAL TAXES & OTHER REVENUES $ 6668 $ 91.5 § 758.3 * ACT NO.7521 REQUIRES A FORECAST BASED ON THE ASSUMPTION THAT CURRENT LAW WILL BE IN EFFECT DURING THE FORECAST PERIOD WHEREAS, A SEPTEMBER (2016) REVENUE ESTIMATING CONFERENCE WAS CONVENED ACCORDING TO LAW (TITLE 2 VIRGIN ISLANDS CODE CHAPTER 2 SECTION 20d); AND, WHEREAS, THE LAW REQUIRES THAT THE SEPTEMBER REVENUE ESTIMATING CONFERENCE ESTABLISH, BY MAJORITY VOTE OF THE PRINCIPALS, A FORECAST OF ANTICIPATED TERRITORIAL REVENUES, WHICH IS TO BE UPDATED BY A MARCH (2017) REVENUE ESTIMATING CONFERENCE; NOW THEREFORE, BE IT RESOLVED, THAT THE ABOVE FORECAST OF ANTICIPATED TERRITORIAL REVENUES BE ESTABLISHED BY THE PRINCIPALS OF THE (SEPTEMBER 2016) REVENUE ESTIMATING CONFERENCE. —_— CERTIFIED: WITNESS: NELLON LE. BOWRY, CHAIRMAN