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Cedar Rapids Gazette (Newspaper) - October 10, 1974, Cedar Rapids, Iowa The Cedar Rapids Gazette: Thors., Ort. IO, 1J74 Negligible Increase Adjust Tax Receipts to Price Index By Harrison Weber DES MOINES (IDRA) -Although slate tax receipts are expiated to Im* up five percent this fiscal year, when the receipts are adjusted to the consumers’ price index, the increase is negligible. That was the message received by state department officials Wednesday in a budget briefing conducted rn Gov. Robert Ray’s office by State Comptroller Marvin R Selden, jr By adjusting tax receipts to 1975 rates and to constant dollars, the over-all increase for the fiscal year ending next June 31) is exfHK'ted to be less than one-half of one percent, Selden said In his regular up-date of the state’s financial condition, Selden reported the state had an unencumbered balance of $207 million last June Jilt Ii That s $9 million more than Selden had forecast at the close of the 1974 legislature. Current Year Harrison Weber big adjustment, howls the anticipated infer the current fiscal The* ever, come year. Selden is forecasting an unencumbered balance (that s working capital plus surplus) of $180.4 million on June 30, 1975, or $80 4 million more than he had projected at the close of the last legislative session Although this projection is based on farm income being off 20 to 30 percent it is offset by an anticipated increase* of approximately 15 percent in non-farm income*. During this last fiscal year, revenue in the* state's gene ral fund totaled $913.2 million, an increase elf $178 million over the* previous year. Revenue for the current fiscal year, ending June 30. 1975. is estimated at $928.5 million Individual Taxes The signific ance of this estimate is that the state* will be* putting grouter reliance on in dividual income* tax collections and le*ss em sale*s tax collections. This is bem use the last legislature voted to exempt food and drugs from the* throe percent sales tax cf fee-tlve* July I, 1974 The state’s revenue* from sale*s tax is expecter! to dip about $35 million a ye ar as a result of this action. Consequently, Selden thinks sales tax revenue will Im* about $235 2 million this fiscal year compare*d to $254 3 million in the* fisc al year just ended By the same toke*n, he* leniks fe»r income tax receipts to incre*ase* by $23.2 million this fiscal ye*ar compared to last, from $384 8 million to $388 million Expenditures leer the* fiscal year just concluded totaled $823 3 million compared to e*x|M*ete*d expenditures of $983 million for the* fisc al year ending June* 30, 1975 Looking ahead furthe*r, Selden se*e*s a balance iii the* state* treasury of $97 9 million on June 30, 1978, and only $10 8 million in 1977 AN OCTOBER HOBBY MONTHSPECIAL!MODEL TRAIN SETS AIL GAUGES RL BULAH f MI $101 I18.o*75 | SHOP CARLY AND SAVU v Free Wrapping 'it Ute Our Lay AwayBOX-KAR HOBBIES 10OO Seventh Avenue, MARION • 377-9910 £ To Order Your Octette Want AdDIAL 398-8234 8AM to 5 P M. Monday thru Friday. Til Noon Sat. Aptitude Tests For Engineers Will Be Offered BOB ZIMMERMAN AMES—The annuw' National Engineering Aptitude Search (NEAS) testing program will be offered to Iowa high school students during January, 1975 The NEAS tests are designed to help students in grades 9-12 determine their aptitude and qualifications for undertaking college-level engineering studies. They are sponsored by the Junior En-gineerinbg Technical Society (JETS). Students interested in the NEAS tests can obtain an application from a guidance counselor, science teacher, of JETS chapter advisor Student applications inst be returned by Dee. 18 with a $5 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. Board Meeting DKS MOINES—The quart-erly board meeting of the Iowa chapter of the Epllipsy Foundation of America will be held Oct. 19 beginning at 9 a. rn in the eonfencc room of the Iowa state rehabilitation services building on 1029 East Des Moines street FORD MUSTANG 3 HARDTOP First time ever at Target. Texas Instruments SR-50 slide rule calculator. 149.95 It s the calculator made for an engineer or mathematical student. The SR-50 performs the 4 basic math functions in addition to all slide rule functions. These functions include sine, cosine, tangent, inverse trigonometric, angle change, common and natural logarithms, e to the x power and y to the z power Has 9 digit keys, 14 character display that shows numbers from 9 999999999 x 10qo to 1 000000000 x 10 in scientific notation Electronic memory allows for storage and recall of numbers Includes adaptor charger Count on Target to have the SR-50 on hand. 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Clippings and Obituaries for the Cedar Rapids Gazette