IDS Budget and Tax Committee

[Yelnoc]

2011 Budget

Notes

• Base shall be understood to refer to the combined totals of the state governments minus Puerto Rico.
• Total shall be understood to refer to the combined totals of the state and regional governments minus Puerto Rico.

Regional Spending

Pensions
-Base: $3.81 billion
-Total: $3.81 billion

Health care:
-Base: $121.9 billion
-Total: $121.9 billion

Education:
-Base: $48.9 billion (post-Educational Hotfix Act - original figure was $0, real-life gross state figure is $73.4 billion)
-Tertiary Education/Other Capital Outlay-Higher Education/Southeastern Educational Incentive Act: $3.5 billion
-Pre-Primary through Secondary Education/Other Capital Outlay - Elementary and Secondary Education/School Choice Initiative: $56.4 billion
-Total: $108.8 billion

Defense:
-Base: $0.6 billion
-Total: $0.6 billion

Welfare:
-Base: $40.4 billion
-Total: $40.4 billion

Protection:
-Base: $21.5 billion
-Total: $21.5 billion

Transportation:
-Base: $28.2 billion
-Total: $28.2 billion

General government:
-Base: $7.4 billion
-Total: $7.4 billion

Other spending:
-Base: $18.7 billion
-Cultural Services/Pentagram Creation Act: $200 million (1 time expense)
-Puerto Rico: $17.27 billion (total spending of PR- PR is not included in any other category in Spending but the Total Regional Spending)
-Total: $36.17 billion

Interest: $7.4 billion (assumes that Regional Government does not have to pay its own interest)

Total Regional Spending: $376.18 billion (includes Interest)

Regional Revenue

Income Taxes:
-Base: $0 (state cannot collect their own income taxes)
-Corporate Income Tax/Tax-Corporate Net Income/Put the "free" back in Free Enterprise Bill: (see personal income tax rate)
-Corporate Income Tax/Tax-Corporate Net Income/Southeast Nuclear Energy Initiative, Chapter 4: -66.1 million (-0.0661 billion)
-Corporate Tax Rate: 8.6% (part of Free Enterprise Bill above - remember other provisions).
-Personal Income Tax Rate: 5.8% ($$61,650,000,000/year)
-Total: $61,583,900,000 or $61.5839 billion

Social Security Taxes:  
-Base: $15.1 billion
-Total: $15.1 billion

Ad-valorem Taxes:
-Base: $252.3 billion
-Excise Taxes/Tax-Alcoholic Beverage Sales/Southeast Alcohol Initiative, Section 8: $1.3127 billion ($1.00/proof liter or $0.385/gallon for beer, $0.909/gallon for wine, $3.31/gallon for spirits)
-Excise Taxes/Tax-Tobacco Products Sales/Southeast Tobacco Initiative, Section 6:  $0.04/cigarette ($6,034,000,000/year), $0.08/cigar ($80,000,000/year), $2.00/kg tobacco ($24,000,000/year)
-Excise Taxes/Tax-Marijuana Products Sales: $3.00/ounce ($48,000,000/year)
-Sales Taxes/Tax-Public Utilities Sale/Southeast Nuclear Energy Initiative, Chapter 4: 80% of standard electricity excise tax: $0
-Sales Taxes/Tax-Public Utilities Sale/Southeast Biomass Initiative, Section 3: 80% of standard electricity excise tax: $0
-Property Taxes/Tax-Property/Southeast Nuclear Energy Initiative, Chapter 4: n/a ($0)
-Transportation/Tax-Motor Fuel Sales/Transportation Commission Initiative, Chapter 3, Section 22: $0.08/liter ($17,284,230,161/year)
-Transportation/Tax-Motor Vehicle License/Fair Consequences Initiative, Section 3: $10,700,000/year
-License/Tax-Other License/Off-Shore Religious Organizations Initiative, Section 2: n/a ($0)
-Total: $277,093,630,161 or $277.093630161 billion

Fees and Charges:
-Base: $107 billion
-Other/Charges-All Other/Pentagram Creation Act: $5,700,000/year
-Other/Charges-All Other/Safe Roads Initiative, Section 6: $44,400,000/year
-Total: $107,050,100,00 or $107.0501 billion

Business and Other Revenue:
-Base: $132.5 billion
-Puerto Rico: 24.96 billion
-Total: $157.46 billion

Gross Public Debt: $598.7 billion (assumes that Regional Government has not accumulated its own public debt)

Rainy Day Fund: $25 billion

Total Regional Revenue: $618,287,630,161 (does not include Gross Public Debt or Rainy Day Fund)

$Balance: 242,107,630,161

[Yelnoc]

It is completed!!!  Hallelujah!  PiT and Badger, would you guys glance through it?  Unless you see any actual errors in my calculations, let's get this passed by the legislature before amending it to suit the region's policy.

[Fmr. Emperor PiT]

     The revenue for fees & charges should be $107,050,100,000.

[Yelnoc]

     The revenue for fees & charges should be $107,050,100,000.

Fixed.  Anything else?

[Fmr. Emperor PiT]

     The revenue for fees & charges should be $107,050,100,000.

Fixed.  Anything else?

     No, everything seems to be added up correctly now.

[Yelnoc]

     The revenue for fees & charges should be $107,050,100,000.

Fixed.  Anything else?

     No, everything seems to be added up correctly now.

Very good.  I sent Badger a PM; once he approves it the legislature can pass it and we can be done with it.

[Yelnoc]

Badger said he was busy at work this week so no worries.  Just bumping this.

[Yelnoc]

This has my ok.  As the old speaker, would you guys do me a favor and pass it ASAP?

[Fmr. Emperor PiT]

     Didn't see this sooner. I'll take care of it right away.

[Fmr. Emperor PiT]

     I have compiled the 2012 budget. In doing so, however, I have obtained revenue numbers that were very different from those that we got last year. Nevertheless, here is the new budget, presented for inspection:

2012 Budget

Notes

• Base shall be understood to refer to the combined totals of the state governments minus Puerto Rico.
• Total shall be understood to refer to the combined totals of the state and regional governments minus Puerto Rico.

Regional Spending

Pensions
-Base: $35.8 billion
-Total: $35.8 billion

Health care:
-Base: $113.9 billion
-Total: $113.9 billion

Education:
-Base: $66.8 billion
-Tertiary Education/Other Capital Outlay-Higher Education/Southeastern Educational Incentive Act: $3.5 billion
-Total: $70.3 billion

Defense:
-Base: $0.7 billion
-Military Defense/IDS Militia Structure Act: $0.4365 billion
-Total: $1.1365 billion

Welfare:
-Base: $36.5 billion
-Total: $36.5 billion

Protection:
-Base: $21.0 billion
-Total: $21.0 billion

Transportation:
-Base: $30.1 billion
-Total: $30.1 billion

General government:
-Base: $6.7 billion
-Total: $6.7 billion

Other spending:
-Base: $20.5 billion
-Puerto Rico: $16.61 billion (total spending of PR- PR is not included in any other category in Spending but the Total Regional Spending)
-Total: $37.11 billion

Interest: $6.6 billion (assumes that Regional Government does not have to pay its own interest)

Total Regional Spending: $359.1465 billion (includes Interest)

Regional Revenue

Income Taxes:
-Base: $0 (state cannot collect their own income taxes)
-Corporate Income Tax/Tax-Corporate Net Income/Put the "free" back in Free Enterprise Bill: (see personal income tax rate)
-Corporate Income Tax/Tax-Corporate Net Income/Southeast Nuclear Energy Initiative, Chapter 4: -66.1 million (-0.0661 billion)
-Corporate Tax Rate: 8.6% (part of Free Enterprise Bill above - remember other provisions).
-Personal Income Tax Rate: 5.8% ($61,650,000,000/year)
-Total: $61,583,900,000 or $61.5839 billion

Social Security Taxes: 
-Base: $20.1 billion
-Total: $20.1 billion

Ad-valorem Taxes:
-Base: $140.0 billion
-Excise Taxes/Tax-Alcoholic Beverage Sales/Southeast Alcohol Initiative, Section 8: $1.3127 billion ($1.00/proof liter or $0.385/gallon for beer, $0.909/gallon for wine, $3.31/gallon for spirits)
-Excise Taxes/Tax-Tobacco Products Sales/Southeast Tobacco Initiative, Section 6:  $0.04/cigarette ($6,034,000,000/year), $0.08/cigar ($80,000,000/year), $2.00/kg tobacco ($24,000,000/year)
-Excise Taxes/Tax-Marijuana Products Sales: $3.00/ounce ($48,000,000/year)
-Sales Taxes/Tax-Public Utilities Sale/Southeast Nuclear Energy Initiative, Chapter 4: 80% of standard electricity excise tax: $0
-Sales Taxes/Tax-Public Utilities Sale/Southeast Biomass Initiative, Section 3: 80% of standard electricity excise tax: $0
-Property Taxes/Tax-Property/Southeast Nuclear Energy Initiative, Chapter 4: n/a ($0)
-Transportation/Tax-Motor Fuel Sales/Transportation Commission Initiative, Chapter 3, Section 22: $0.08/liter ($17,284,230,161/year)
-Transportation/Tax-Motor Vehicle License/Fair Consequences Initiative, Section 3: $10,700,000/year
-License/Tax-Other License/Off-Shore Religious Organizations Initiative, Section 2: n/a ($0)
-Total: $147,265,400,000 or $147.2564 billion

Fees and Charges:
-Base: $42.7 billion
-Other/Charges-All Other/Pentagram Creation Act: $5,700,000/year
-Other/Charges-All Other/Safe Roads Initiative, Section 6: $44,400,000/year
-Total: $42,750,100,000 or $42.7501 billion

Business and Other Revenue:
-Base: $87.9 billion
-Puerto Rico: $17.28 billion
-Total: $105.18 billion

Gross Public Debt: $382,028,869,839 (assumes that Regional Government has not accumulated its own public debt)

Rainy Day Fund: $35 billion

Total Regional Revenue: $376,870,400,000 (does not include Gross Public Debt or Rainy Day Fund)

Balance: $17,723,900,000

[Fmr. Emperor PiT]

     No interest in the 2012 budget?

[Mr. Taft Republican]

Looking good bruh!

[pillage the village, trash the scene]

Looking good bruh!

[Senator Clarence]

Ok by me

[Yelnoc]

I guess it's fine.  I have a vague feeling we're missing something, but I guess with no reality to bite us in the ass it works.  And I'm tired.  So let's pass it.

[shua]

You have a positive balance?! 

[Fmr. Emperor PiT]

You have a positive balance?! 

     We've passed very few expenditures over the years.

[Senator Clarence]

Can I move to give surplus to taxpayers in the form of rebate?

[Fmr. Emperor PiT]

Can I move to give surplus to taxpayers in the form of rebate?

     Well, the Legislature is currently debating the adoption of this proposed budget. After that, there should be no issue with doing that, or considering another course of action. I know Yelnoc suggested eliminating fuel taxes.

[Senator Clarence]

Where is the debate on the adoption of the budget? I am lost...

[Yelnoc]

Where is the debate on the adoption of the budget? I am lost...

In the thread legislature trhead.  And I thought the proposed 2012 budget had already eliminated fuel taxes.

[Fmr. Emperor PiT]

     It did not because the Legislature did not. The Budget reflects current law.