Revenue Summary

       
 

FY 03

FY 04

FY 05

 

(in millions)

       

GF- Net Revenue Gain {1} {2} {3}

$439. 8

$634. 3

$593. 9

       

TF - Revenue loss

(52. 0)

-

-

       

Municipal - Revenue Gain {4}

7. 4

25. 0

-

       

{1} FY 03 includes loss of $15. 8 million in federal revenue as a result of budgetary changes. In FY 03 there is anticipated to be costs of $500,000 to the Department of Revenue Services to administer the tax provision contained in the amended bill. Since it is assumed that costs will be covered through the release of forced savings no additional resources have been provided in this amended bill.

{2} The figures do not include revenue from judicial related fee increases (Section 42-49) and revenue from the Energy Conservation and Load Management Funds (sections 20 & 21) since they are dedicated to specific budgetary expenses.

{3} FY 04 and FY 05 revenue does not include federal funds revenue loss and gains resulting from the Pequot/Mohegan grant reduction because the amended bill does not make expenditure changes in these fiscal years.

{4} The annual revenue gain will be greater if any of the towns located in targeted investment communities elect to increase their rate to . 50%. If all eligible towns increase their rate to . 50%, it is anticipated that it would generate an additional $1. 7 million in FY 03 and $10. 0 million in FY 04.

Allotment Modifications Affecting Grants to Towns

FY 03

Drug Enforcement Program

$ (1,500,000)

P. I. L. O. T. - New Manufacturing Machinery and Equipment

(12,000,000)

Waste Water Treatment Facility Host Town Grant

(118,500)

Priority School Districts

4,053,197

GENERAL FUND - Total

$ (9,565,303)

   

SPECIAL TRANSPORTATION FUND - Town Aid Road Grants

$ (9,000,000)

MASHANTUCKET PEQUOT AND MOHEGAN FUND GRANT - Grants to Local Governments

(21,500,000)

TOTAL ALL FUNDS

$ (40,065,303)

 

FY 03

FY 04

FY 05

General Fund - Revenue Gain

$207. 4 million

$403. 9 million

$393. 0 million

TAX RATE

CT. TAXABLE INCOME

(INCOME EXCEEDING APPLICABLE EXEMPTION)

Married Filing Jointly or as Surviving Spouse

Single &

Married Filing

Separately

Head of

Household

Current

Bill

From

To

From

To

From

To

3. 0%

3. 0%

$1

$20,000

$1

$10,000

$1

$16,000

4. 5%

5. 0%

Over $20,000

Over $10,000

Over $16,000

 

FY 03

FY 04

FY 05

Media & Advertising

$5. 0 million

$40. 0 million

$45. 0 million

Health & Athletic Clubs

1. 9 million

7. 5 million

8. 5 million

Newspapers & Magazines

17. 2 million

68. 0 million

66. 0 million

       

General Fund - Revenue Gain

$24. 1 million

$95. 5 million

$97. 0 million

 

FY 03

FY 04

FY 05

General Fund - Revenue Gain

$7. 8 million

$30. 0 million

$32. 0 million

 

FY 03

FY 04

FY 05

General Fund- Revenue Gain

$27. 5 million

$70. 9 million

$70. 9 million

* Estimate for FY 03 includes one-time revenue from inventory tax ($6. 2 million) and an increase in sales tax: FY 03 ($1. 1 million), FY 04 ($3. 1 million) and FY 05 ($3. 1 million)

 

FY 03

FY 04

FY 05

General Fund- Revenue Gain

$32. 4 million

$33. 0 million

$0

 

FY 03

FY 04

FY 05

General Fund - Revenue Gain

$20. 0 million

$0

$0

Trans. Fund - Revenue loss

$20. 0 million

$0

$0

 

FY 03

FY 04

FY 05

General Fund- Revenue Gain

$34. 0 million

$0

$0

 

FY 03

FY 04

FY 05

Municipal- Revenue Gain *

$7. 4 million

$25. 0 million

$0

* The annual revenue gain will be greater if any of the towns located in targeted investment communities elect to increase their tax rate to . 50%. If all eligible towns increase their rate to . 50%, it is anticipated that it would generate an additional $1. 7 million in FY 03 and $10 million in FY 04.

 

FY 03

FY 04

FY 05

General Fund- Revenue Gain

$1. 0 million

$1. 0 million

$1. 0 million

TABLE 2: COURT FEE CHANGES AND RELATED REVENUE INCREASES

Action

Current Fee

Proposed Fee

Annual Revenue Increase

Additional fee to designate a case as complex litigation, payable to the Superior Court clerk when the request is filed

$0

$250

$123,000

Open, set aside, modify, or extend small claims judgment

$0

$25

$130,000

Execution against bank payments due to judgment debtor (recoverable by the judgment creditor as part of the action's taxable cost)

$0

$35

$1,505,000

Entry fee for civil actions claiming damages under $2,500, summary process, landlord-tenant, and paternity actions *

$75

$120

$234,270

Entry fee for all other civil actions *

$185

$220

$2,199,680

Copy of certificate of judgment in foreclosure action

$20

$25

minimal

Uncertified copy of judgment file

$10

$15

minimal

Certified copy of judgment file

$15

$25

$161,750

Prejudgment remedy application

$50

$100

$84,500

Wage and property execution

$20

$35

$269,700

       

Subtotal: Court Fees

   

$4,707,900

Subtotal: Pro Hac Vice tax

   

$220,000

Total Revenue Increase

   

$4,927,900

*Note: the figures shown exclude an additional $5 fee.

 

FY 03

FY 04

FY 05

General Fund- Revenue Gain

$15. 0 million

(One-time)

$0

$0