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The state’s two revenue shortfall funds, also called the Rainy Day Fund, had a combined $887.3 million as of the end of July, down 5% from $932.6 million this same time last year. While tax collections were good, the state’s fund to handle hard economic times was down slightly. The corporate net income tax brought in $14.4 million in July, more than the $4 million estimate for a $10.4 million surplus. In other collection categories, the consumer sales and use tax brought in $96.3 million in July, which was 12.2% more than the $85.8 million estimate, resulting in $10.4 million in surplus. That bill passed the House of Delegates but was never taken up by the Senate. The personal income tax, which brought in 43% of the total $5.9 billion collected during fiscal tear 2022 that ended on June 30, was the focus of a special session that began last week to lower taxes rates a combined 10 percent across all six income brackets. July tax revenue was also 13.7% more than the $141.8 million collected 12 months ago. Collections for the month was $161.2 million, 9.7% more than the $147 million estimate, resulting in a $14.4 million. “It’s a high-risk gamble.”Ĭoming in second for the most revenue collected in July was the personal income tax. “For those who believe with just blinders on that we’re going to have these surpluses forever and ever and ever are making a big mistake,” Justice said, whose family owns major coal mining operations. He said it was important to responsibly manage the state budget to avoid dependency on severance tax surpluses. Justice warned, however, that coal and natural gas prices would not always remain high and in fact have come down some over the last year. Energy Information Administration, the price per short ton of Central Appalachia coal jumped from $168 on July 1 to $177 by Friday, with the price per short ton of Northern Appalachia coal rising from $141 at the beginning of July to $143 by the end of the month.Īccording to EIA’s most recent data, export prices for natural gas by pipeline rose from $4.62 per thousand cubic feet in December to $7.62 per thousand cubic feet in May, while liquified natural gas exports rose from $9.62 per thousand cubic feet in December to $12.33 per thousand cubic feet in May.
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July severance tax revenues of $54.6 million wildly exceeded the $3 million revenue estimate for the month and exceed the $3.4 million in collections this time last year.Īccording to the U.S.
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More than 55% of the total tax revenue collected in July came from the coal and natural gas severance tax. It’s going, and we’re not going to slow down until we flip every rock and try to help everybody we can possibly help.” “I’ve told you over and over I was going to take you on a rocket ship ride, and you’re on it, brother. “It sounds like a broke record … this thing is not slowing down,” Justice said Tuesday morning during a virtual briefing with reporters from the State Capitol Building. Why is investing so personal for Shalini (50:41)ġ1.According to the state Senate Finance Committee, July tax collections for new fiscal year 2023 were $381.1 million, exceeding the $288.7 million estimate by the state Department of Revenue by 32% and giving the state $92.4 million in surplus revenue. Can data be used to assess the impact of an investment on a portfolio? (46:15)ġ0. How does data and the Rocketship model adapt to macroeconomic trends? (42:27)ĩ. How did Rocketship's data science-focused fund model attract LPs? (34:05)Ĩ. Where does Rocketship stand on gut and human instinct versus data science? (30:20)ħ. Portfolio construction constraints with a heavily data-driven model (25:32)Ħ. How does data science influence Rocketship's thesis? (22:41)ĥ. How does Rocketship VC use data science to assist in the selection of startups for investment? (18:21)Ĥ. What aspect of the operator journey makes investing more pleasurable? (10:45)ģ. Madhu's journey from Intuit and GoJek operator to board member and investor (3:00)Ģ. She was part of the founding team of Intuit’s Quickbooks Lending Platform where she helped grow the platform to $300 million and holds 3 patents in the areas of user data augmented algorithms for financial inclusion.ġ. Prior to Gojek, Madhu was an operating partner at a 150M private equity fund building startups across South East Asia. She was on the board and started the Singapore office. Previously, she was the Chief Data Officer of Gojek and helped grow the business into a $1 billion unicorn. Madhu Shalini Iyer is a Partner at Rocketship VC.