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B&O (non-utility) Low growth or decline Severance Tax  Significant decline PXP^PPP X^    }6Municipal Tax Sources in WV~7Consumption Tax OutlookB&O Tax  Lower Growth or Decline Retail sales decline (Durable Goods-Cars) with slow recovery Service sector sluggish growth Industrial sector in decline Utility sector most stable Public Utility Taxes  Overall Stability Wine & Liquor Taxes  Stable Severance Tax  Expect 30% to 50% Decline in FY2010 Gaming Revenues RVL- Competition reduces Racetrack Video Lottery revenues LVL  Limited Video Lottery revenues have peaked TG  Table Games  Higher revenues if 4th Racetrack added"ZZZZ"  ;Sales Tax Receipts Decline in FY2009 Auto Sales Down by 11% & Other Sales Unchanged Impact of 1% Tax Reduction on Food Offset by Impact of FY2008 Refunds<%.E>8WV Retail Sales Forecast-Gradual But Slow Improvement After Downturn That Began in Second Half of 2008 Forecast by IHS Global Insight  July 2009 Forecast 2f3(8{Electricity Sales Revenues Jan-Apr Revenues From Electricity Sales Up 11.5% in WV Source: Energy Information Administration(|(7*<dMunicipal Coal Severance Tax Expect Decrease of 30% or More in FY2010 Department of Revenue Forecast2e() (=iMunicipal Gas & Oil Severance Tax Expect Decrease of 50% or More in FY2010 Department of Revenue Forecast2j"() (z4AProperty Tax Share of Total Municipal Tax Collections Lower in WVBB${5eMunicipal Reliance on Inventory Taxes - 2007 Share of Total Property Taxes Attributable to Inventory2f,(7(Manufacturing Only Brooke 13.3% Wirt 7.3% Hancock 5.1% Marshall 4.0% Harrison 3.7% Barbour 3.6% State Average 1.5%>t_  Non-Utility Inventory Brooke 15.5% Roane 14.8% Nicholas 12.8% Raleigh 12.3% Ritchie 11.9% Marshall 11.1% State Average 6.8%>oY ?FY2010 Municipal Outlook Recession continues thru first 6 months Recovery is tepid during second 6 months Sluggish revenues, but better than State Gov Income taxes rebound slower than consumption taxes Significant reliance on utility revenues helps Municipalities with a loss of new car dealer or manufacturing to suffer the most Property taxes fairly stable One year collection lag helps Real property taxes more stable than personal property taxes Inventory taxes most unstablexPPyP ( ) -y/#jklmnop !"#$%&'()*+,   0` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> $(    6@  `}  T Click to edit Master title style! !  0,  `  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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U   8H h 0޽h ? 33___PPT10i.3P+D=' 1= @B +  0 4L(  4x 4 c $8 `}  8  40 HA ? `  8H 4 0޽h ? 33___PPT10i.  +D=' 1= @B +>  0 e]((  ( (  8ddo1 ?3"0e`  8  ( Nx8BcBc ?` UCoal Severance Tax Revenue 6 (0 C xgֳgֳA ? ?`%  8H ( 0޽h ? f3y___PPT10Y+D=' 1= @B + ' 0 0L(  0x 0 c $1 `}  1  00 HA ? `  1H 0 0޽h ? 33___PPT10i.kd+D=' 1= @B +} & 0 l$(  lr l S D  `}   r l S  `  H l 0޽h ? 33___PPT10i.^`+D=' 1= @B + % 0 |@(  |r | S   `}    |0 BA ?D  H | 0޽h ? 33___PPT10i.aE8H+D=' 1= @B + $ 0 0(  x  c $l `}   x  c $ `  H  0޽h ? 33___PPT10i.^`+D=' 1= @B +  0 L(  x  c $- `}    0 HA ? `  H  0޽h ? 33___PPT10i.c`6+D=' 1= @B + # 0 L(  x  c $ 5  `    0 HA ?P  H  0޽h ? 33___PPT10i.up/6+D=' 1= @B + " 0  L(  x  c $; `}    0 HA ?%Z  H  0޽h ? 33___PPT10i.# Qҝ+D=' 1= @B + ! 0 L(  x  c $B `}    0 HA ? U   H  0޽h ? 33___PPT10i.  ^+D=' 1= @B +   0 L(  x  c $I `}    0 HA ? U   H  0޽h ? 33___PPT10i.  ^+D=' 1= @B +  0 tR(  t~ t s *P `}    t0 HA ? `  H t 0޽h ? ̙33y___PPT10Y+D=' 1= @B +  0 2*x(  x~ x s *PW `}   ~ x s *(X    ~ x s *Yp `  H x 0޽h ? 33___PPT10i.@m+D=' 1= @B +  0 0(  x  c $\c `}   x  c $4d `  H  0޽h ? 33___PPT10i.h`F+D=' 1= @B +  0 t(  tX t C $XK   8 t S \.8$ )  8  H t 0.k ? 3380___PPT10.ip%" 0 B:(  ^  S $XK   4  c $p$ )   Global recession results in lower demand for both metallurgical coal and steam coal. Trend to lower coal production intensified over the past 6 months.H  0.k ? 3380___PPT10.i_z|# 0 0 (   ^   S $XK      c $\$ )   *WV electric power production fell by 22% during the first 4 months of this year. Demand for coal falls in response to higher coal stocks. The sharp drop is due to recession & the loss of significant demand by industrial users (e.g., Kaiser Aluminum) WV exports 2/3rds of its power to other states<+ p /H   0.k ? 3380___PPT10.i_z( 0 ^V$(  $d $ c $$XK   J $ s *X$ )   After peaking at $150 per ton in July 2008, spot prices declined rapidly to between $40 and $55 per ton. Prices are generally stabilizing at a level above $40 per ton.H $ 0.k ? 3380___PPT10.H) 0 ,(  ,d , c $$XK    , s *$ M)   0Severance Tax collections surge during price upswings Collections tend to plateau during periods of price stability 1982-2004 $190 million high in FY1982 $124 million in FY1987 $187 million in FY1998 $381 million in FY2009 Expect a new plateau generally between $250 million and $350 million after 2009JaQaPH , 0.k ? ̙3380___PPT10.5+ 0 <48(  8^ 8 S $XK   . 8 c $ŗ$ )n  VN___PPT90( dThe two biggest gains in the other revenue category were: Lottery Transfers: $50.0 million Miscellaneous: $18.6 million Abandoned & unclaimed property transfers account for most of the miscellaneous revenues. \;A" Y" " ;A[H 8 0.k ? 3380___PPT10.ipX$, 0 @#(  @^ @ S $XK    @ c $͗$ )   Income withholding tax patterns generally mirror changes in earnings growth in the State. Collection growth slowed to near 0% during the final 3 months of FY2009. Expect negative collection growth during the first half of FY2010. H @ 0.k ? 3380___PPT10.ip8#- 0 ph H(  H^ H S $XK   b H c $ڗ$ )   Gross PIT  personal income tax collections includes all receipts except non-resident withholding tax Up to $30 to $40 million in non-resident withholding tax payments credited as Personal Income Taxes are likely Business Franchise Tax payments of pass-through entities. Prior to FY2008, these payments were counted as Business Franchise Tax revenue for purposes of the Corporation Net Income Tax. Total income tax refunds, personal & corporate were $40 million higher in FY2009.ZH H 0.k ? 3380___PPT10.h@(K; 0 [(  ^  S $XK     c $$ )   Q!Refunds declined from $47.3 million in FY2008 to $26.6 million in FY2009. The additional refunds were due to one-time issues associated with prescription drugs. The reduction in sales tax rate on groceries reduced FY2009 revenues by roughly $25 million in comparison with FY2008 revenues.""H  0.k ? 3380___PPT10.i_z $ 0 (  X  C $XK     S $ )    H  0.k ? 3380___PPT10.}׻N 0 0 (  X  C $XK     S ˗$ )    H  0.k ? 3380___PPT10.}$O ? 0 (  X  C $XK     S $$ )    H  0.k ? 3380___PPT10.}5 0 | (  X  C $XK   |  S  $ )   Municipalities with a significant industrial sector or auto dealer presence may experience some decline in property tax receipts. Towns in some counties rely more heavily than average on property taxes from business inventories.H  0.k ? 3380___PPT10.}P4 0 z0(  X  C $XK   z  S $ )   Small municipalities rely more heavily upon property taxes than larger cities. However, the municipal tax structure in West Virginia relies less on property taxes as a source of revenue than municipalities in most other states.H  0.k ? 3380___PPT10.}б0= 0 "@(  X  C $XK     S $ )   Lower natural gas production and significantly lower natural gas prices are primary factors in an expected decrease in tax receipts.H  0.k ? 3380___PPT10.}P/eb< 0 Pr(  X  C $XK     S X($ )   tDLower coal production & lower coal prices contribute to this change.EEH  0.k ? 3380___PPT10.}28 0 `B(  X  C $XK     S |/$ )   DDespite decreases in sales of electric power units (kilowatt-hours), revenues from sales of electricity continue to rise due to price increases related to inputs (coal) and environmental improvements. Municipal tax collections will benefit from rising electric utility bills.H  0.k ? 3380___PPT10.}`ď> 0 *"p(  X  C $XK   "  S :$ )   In its July 2009 regional forecast, Global Insight expects improvement in retail sales activity by the first quarter of 2010 at the latest. H  0.k ? 3380___PPT10.}  7 0 (  X  C $XK     S C$ )    H  0.k ? 3380___PPT10.}u 6 0 (  X  C $pD     S H$ )   The local B&O Tax is the dominant source of municipal revenues, especially for larger cities. [Note In addition to utility taxes(7%), the B&O tax on utilities is a major subcomponent of the B&O Tax in most jurisdictions] The Property Tax accounts for just 24% of total tax revenues. Employee user fees are not counted here  not considered to be a tax. :dZ>GH  0.k ? 3380___PPT10.}ٚ2 0 6.(  X  C $XK   .  S \$ )   RVL  Racetrack Video Lottery LVL  Limited Video Lottery TG  Table GamesMMH  0.k ? 3380___PPT10.}/* 0 ?(  X  C $XK     S (e$ )   AThis slide illustrates a dramatic change in the energy sector severance tax collection trends. Cumulative collection growth during the first six months was nearly 40%. A 20% decline in revenues between February & June contributed to a cumulative year-end gain of just 8%. H  0.k ? 3380___PPT10.}0\X1 0 h(  X  C $XK     S Tn$ )   j:West Virginia enjoys some advantage over other states during recessions. Senior citizens/retirees account for a larger share of personal income than in other states. These sources of income are somewhat immune from recessionary downturns. The senior/retiree factor will soften the overall downturn in the economy.;;H  0.k ? 3380___PPT10.} : 0 (  X  C $XK     S T}$ )   Global Insight s regional forecast as of July 2009 predicts gradual but slow improvement in employment markets with small increases by no later than the second quarter of 2010. The gains will likely begin in the service and construction sectors.H  0.k ? 3380___PPT10.}п 0 \T(  X  C $XK   T  S 8$ )   Employment declined significantly beginning in January 2009 with a loss of more than 24,000 jobs (3.2%) as of May. The unemployment rate will likely rise above 10% over the next few months.H  0.k ? 3380___PPT10.}0W% 0 g(  X  C $XK     S 8$ )   i West Virginia caught the recession virus much later than the rest of the country. Earnings growth partially tied to a strong energy sector rose to a peak growth rate of 2.5% in the 3rd quarter of 2008 and then softened to a decline of 0.5% by the 1st quarter of 2009.@ @ H  0.k ? 3380___PPT10.}PY& 0 0((  X  C $XK   (  S $ )   The decrease in electric power sales intensified from January to April. 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(2 <For Municipal Finances.-՜.+,0x     On-screen ShowFiscal Director ' ArialDefault DesignMicrosoft Graph ChartMicrosoft Graph 2000 Chart1Economic & Fiscal Outlook For Municipal FinancesFY2010 State OutlookRecession SymptomsWV Coal Production Falls in FY2009 Decrease Accelerates in April-June Period to 13.3% Source: Energy Information AdministrationSpot Price of Appalachian Coal is Falling From $50/ton in October 2007 to $150/ton in August 2008 to $40-$55 Source: Energy Information AdministrationElectricity Production Falls in Jan-Apr 2009 Coal Stocks at WV Power Plants Double to 6.3 million tons Source: Energy Information AdministrationpReduced Electricity Sales Jan-Apr Kilowatt-hour Sales Down 7.3% in WV Source: Energy Information AdministrationvEarnings Growth by Quarter WV Lags U.S. Trends Following Energy Boom in 2008 Source: U.S. Bureau of Economic AnalysisIncome Tax by Component Total Collections Fall by $77 Million (3.8%) in FY2009 Non-Resident Withholding Gain due to Revenue Accounting ChangeWV Payroll Employment Falls by 3.2% (24,200) Number of Unemployed Nearly Doubles from 35,000 to 68,500 Source: WorkForce West Virginia Seasonally AdjustedWV Employment Forecast-Gradual Slow Improvement After Sharp Downturn in 1st Half of 2009 Forecast by IHS Global Insight July 2009 Forecast VIncome Withholding Tax Growth Slows Due to Recessionary Job Losses Over Last 6 MonthsoPercentage of Adjusted Gross Income Attributable to Retirement Income in 2007 Source: IRS Statistics of IncomeFFY2008-2009 Revenue Growth Collections were 0.7% Lower Than Last YearqNew Plateau For Severance Tax Revenues @ $381 M Previous Peak in FY1982 at $190 M Trough in FY1987 at $124 M `Cumulative Severance Tax Growth Rate Slows February-June Collection Growth Rate Falls to -20% Municipal Fiscal OutlookMunicipal Tax Sources in WVConsumption Tax OutlookSales Tax Receipts Decline in FY2009 Auto Sales Down by 11% & Other Sales Unchanged Impact of 1% Tax Reduction on Food Offset by Impact of FY2008 RefundsWV Retail Sales Forecast-Gradual But Slow Improvement After Downturn That Began in Second Half of 2008 Forecast by IHS Global Insight July 2009 Forecast |Electricity Sales Revenues Jan-Apr Revenues From Electricity Sales Up 11.5% in WV Source: Energy Information AdministrationeMunicipal Coal Severance Tax Expect Decrease of 30% or More in FY2010 Department of Revenue ForecastjMunicipal Gas & Oil Severance Tax Expect Decrease of 50% or More in FY2010 Department of Revenue ForecastBProperty Tax Share of Total Municipal Tax Collections Lower in WVfMunicipal Reliance on Inventory Taxes - 2007 Share of Total Property Taxes Attributable to InventoryFY2010 Municipal Outlook  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles2_EWV Dept of Tax and RevenueWV Dept of Tax and Revenue  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesCurrent UserSummaryInformation(PowerPoint Document(n FDocumentSummaryInformation8Root EntrydO)`O @PicturesCurrent User2SummaryInformation(_EDebbieDebbie