Thursday, October 10, 1974

Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

Page: 9

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Text Content of Page 9 of Cedar Rapids Gazette on Thursday, October 10, 1974

Cedar Rapids Gazette (Newspaper) - October 10, 1974, Cedar Rapids, Iowa Negligible Increase The (Vilar Ituplds Tliurs., Oct. 10, 5 Adjust Tax Receipts to Price Index lly Harrison Wehor HKS MulNKS AllhiiUMli slulr (ax receipts are cxpccti'il In up live percent this fiscal year, when the receipts arc adjusted In I ho consumers' price index, the increase is neKliKilile. That was the message re- ceived by state department officials Wednesday in a biidKi'l briefing conducted in dov. Hubert Ray's office by State Compl roller Marvin K Selden, jr. By adjusting tax receipts to rales and tu cinistanl dollars, the over-all increase for the fiscal year endint; next .lime 111! is expected to lie less UKIII one-half nf iini' pcnciil, Si'lili'ii said. Ill Ills regular up-date nf Ihi' state's financial condition, Scldcn ri'piirlcd (lie slnli1 an uiK'iiciuiibi'n'd balaiK'i' ul Sl'07 million last ,luni> :illlh. That's inilliiiii niiin.' than Si'lilcM had rnri'i'asl at the dust' uf Ihi' 107-1 IrKislatiiiT. Ciirrrnl Year Thi' IHK adjustment. Imw- is Hie anlk'ipaU.'d in- ciiinc fur tin1 current fiscal year. Selden is forecasting an nnenrimiliered balance (that's Harrison Weber working capital plus surplus) of SIKil.-l iiHllion un June :ill. nr million more than he had projected at the close of the last legislative session. AllhouKh Ibis projection is based on farm income bciiiK off 211 In 111) percent it is offset by an anticipated increase of approximately ID percent in non-farm income. DuriiiH this last fiscal year, revenue in the.' stale's general [mid totaled million, an increase of million over the previous year. Revenue for the current fis- cal year, ending June 311. is estimated at million. Individual Taxes Tile significance of Ibis esti- mate is that the slate will be putting Dealer reliance nn in- dividual income lax collec- tions and less nn sales tax collections.' Tins is bc.cusc the last legislature voted to ex- empt food and drnr.s from the three percent sales tax effec- tive July 1, The slate's revenue from sale's tax is expected to dip about million a year as a result of tills action. Selden thinks sales lax revenue be about million this fiscal year compared to H mil- lion in tile fiscal year jus! end- ed. Hy the same token, he looks for income tax receipts to increase by million this fiscal year compared to last, from K million to SUM million. Kxponditures for the fiscal year just concluded totaled million compared to expected expenditures of million for the fiscal year end- ing June 1075. Looking ahead further, Selden sees a balance in the slati: treasury of million on Juno lill, and only million in 1077. AN OCTOBER HOBBY MONTH i i i L MODEL TRAIN SETS DLL GAUGES Q REGULARLY I O to SHOP EARLY AND Frog (Jso Our Lay-Away BOX-KAR HOBB8ES 1000 Seventh Avenue, MARION o 377-9910 To Order Your Gazelle Want Ad DIAL 398-8234 0 A.M. to 5 P.M. MonrJoy thru Friday. 'Til Moon Sat. Aptitude Tests For Engineers Will Be Offered Nutinn- al Enyinecrinj> Aptitude Search (NBAS) le.slini> program will be offered to Iowa high school students dur- ing January, 1975. The NBAS tests are de- signed to help students in grades 9-12 determine their aptitude and qualifications for undertaking college-level en- gineering studies. They are sponsored by the Junior En- gincerinbg Technical Society Students interested in the NEAS tests can obtain an application from a guidance counselor, science teacher, of JETS chapter advisor. Studenl applications nisi be returned by Dec. 18 with a service fee. Time and location of the tests will be announced by the local sponsor. The three-hour long test measures ability in verbal, numerical, science and mechanical comprehension. 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