SCORECARD
Third Quarter 2008 Revenue Report
Utah State Government
General Government Fund
- Sales and Use Taxes
-3.4% (-$15.3M)
- Severance Taxes
+94.3% ($21.69M)
- General Fund Total
-1.33 % (-$6.39 M)
Public Education
- Individual Income Tax
-12.6% (-$70.57M)
- Corporate Taxes
+23.2% (+$21.13M)
- Beer, Wine and Liquor Taxes
+7.7% (+$1.20M)
- Insurance Premium Taxes
+2.4% (+$.45M)
- Public Education Total
-4.27% (-$47.79 M) Note: Utah Public Schools
enrollment growth is expected to be 2.6% or 13,650
students
Transportation
- Motor Fuel Taxes
-9.4% (-$6.49M)
- Special Fuels Tax
-3.8% (-$1.28M)
- Motor Vehicle Registration Fees
+1.5% (+$0.15M)
- Transportation Fund Total
-0.67% (-$7.62 M)
Source: Utah State Tax Commission, TC-23,
October 14, 2008
Local Government
- Sales and Use Taxes -6.6% (-$8.3M)
- Transient Room Tax -2.6% (-$0.96M)
- Tourism, Recreation, Cultural, Convention
-3.4% (+$0.46M)
- Municipal Telecommunications License
-23.7% (-$3.3M)
- Municipal Energy Sales & Use +54.8% (+$.46M)
- Emergency Services Phone Charge -18.9% (-
$1.54M)
- Public Transit -11.7% (-$6.7M)
- County Option Zoo Arts & Parks -13.1% (-$1.13M)
- Local Taxes -7.1% (-$26.13M)
Source: Utah State Tax Commission, TC
-23 10/13/08
THIS WEEKS LEADS:
- Benihana
- Benihana, Inc. trades as Benihana at 60 locations
nationwide.
- The Japanese hibachi-style
restaurants occupy spaces of 7,000 sq.ft. to 7,500
sq.ft. in freestanding locations.
- Growth
opportunities are sought throughout the existing
market during the coming 18 months.
- Preferred
demographics include a population of 800,000 within
10 miles.
- The company prefers to acquire sites.
- For more information, contact
- Kevin
Murray,
- Benihana, Inc.,
- 8685 Northwest 53rd
Terrace,
- Miami, FL 33166;
- Web site:
www.rasushi.com.
- Fuzziwig's Candy Factory and Sweets
From
- Fuzziwig's Candy Factory, Inc. trades as Fuzziwig's
Candy Factory and Sweets From Heaven at 77
locations nationwide and internationally.
- The candy
shops occupy spaces of 1,000 sq.ft. in super regional
malls, lifestyle, outlet and tourist centers, and
urban/downtown areas.
- Growth opportunities are
sought nationwide during the coming 18
months.
- Typical leases run 10 years.
- A vanilla
shell is required.
- Major competitors include Sweet
Factory.
- For more information, contact
- Kayo
Folsom,
- Fuzziwig's Candy Factory, Inc.,
- 656
Main Street,
- Durango, CO 81301;
- Web site:
www.fuzziwigs.com.
- Christy Sports
- Christy Sports, LLC trades as Christy Sports at 40
locations throughout CO andUT.
- The
sporting goods stores, offering ski equipment,
snowboards and patio furniture, occupy space of
4,500 sq.ft. to 10,000 sq.ft. in strip centers and resort
areas.
- Growth opportunities are sought throughout
the existing markets during the coming 18
months.
- Typical leases run five years with a five-
year option.
- A vanilla shell is required.
- For more information, contact
- Keith
Liefer,
- Christy Sports, LLC,
- 800 Weiss Drive,
Suite D,
- Steamboat Springs, CO 80487;
- Web
site: www.christysports.com.
- Sprouts Farmers Market
- Sprouts Farmers Market operates 27 locations
throughout AZ, CA and TX.
- The markets, offering
farm fresh produce, all-natural meats and seafood,
vitamins and supplements, in addition to a variety of
natural and organic grocery items, occupy spaces of
22,000 sq.ft. to 26,000 sq.ft. in freestanding locations
and lifestyle, specialty and strip centers.
- Growth
opportunities are sought throughout the existing
markets during the coming 18 months.
- Typical
leases run 15 years.
- A vanilla shell and a tenant
improvement allowance are required.
- For more information, contact
- Seth
Brown,
- prouts Farmers Market,
- 11811 North
Tatum Boulevard, Suite 2400,
- Phoenix, AZ
85028;
- Web site: www.sprouts.com.
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Greetings!
Revenue Summary
- Third Quarter 2008
- How bad is it?
- What's down?
- What's up?
Bob Springmeyer
Bonneville Research
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Bonneville Research Website |
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Check out our Bonneville Research Website!
www.BonnevilleResearch.com
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Bonneville Research |
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ECONOMIC NOTES: |
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- World Business Confidence
- Global business confidence plunged last week to
a record low. The financial panic has unnerved
businesses, particularly in the U.S. and Europe, but
sentiment has also turned sharply lower in South
America and even in Asia. Hiring intentions and
equipment and software investment collapsed to
record lows. Assessments regarding the economy
more broadly and the outlook six months hence also
fell to new lows. Pricing power is evaporating. The
global economy is taking a body blow from the
financial turmoil.
- International Capital Flows
- Net foreign purchases of U.S. long-term securities
rose to $14 billion in August from an upwardly revised
$8.6 billion in July.
- Treasury Budget
- The unified budget deficit ended the fiscal year at
$455 billion, well over double the $162 billion deficit
seen in fiscal 2007. Receipts declined by 1.7%, falling
for the first time since fiscal 2003. Outlays grew by
9.1% on the year, largely because of increases in
expenditures for deposit insurance, tax rebate checks,
and national defense. Wider deficits can be expected
in the years ahead in light of the aid promised to the
beleaguered financial system.
- Import and Export Prices
- Total business inventories increased 0.3% in
August, below expectations for a stronger gain. Retail
inventories were the only new data in this report,
decreasing 0.6% and led by a 1.6% decline in retail
auto inventories. The total I/S ratio increased to 1.27,
retracing most of the declines since February.
- Consumer Price Index
- The top-line consumer price index stayed flat for
September 2008 compared to August, while the year-
ago percentage change was 4.9%, down from 5.4% in
August. The core CPI increased by 0.1% for the month
and is up by 2.5% from one year ago, about the same
rate of increase as August. The 0% monthly inflation
for the top-line CPI in September is slightly lower than
expectations, and is symptomatic of both falling
energy prices and depressed consumer demand as
the recession worsens.
- Industrial Production
- Today's industrial production report was one of the
worst ever. Industrial production plunged 2.8% in
September and over the last three months contracted
at a 14.5% annualized rate, the worst such reading
since 1981. The strike at Boeing, which disrupted
aircraft production, and hurricanes Gustav and Ike,
which contributed to a large fall in crude oil extraction
and petroleum refining, were responsible for a sizable
part of the decline. However, these technical
considerations merely added to widespread
weakness in manufacturing that is consistent with
recession-like behavior.
- California Manufacturing Survey
- The composite index fell sharply in the third
quarter, declining to 45.1 from 50.3 in the second
quarter. Production is now clearly declining in
California, as it is in most parts of the country. The
only bright spot was the high-tech industry, which
reported a surprising increase in employment.
- Manufacturers Alliance/MAPI Survey
- The Manufacturers Alliance/MAPI composite index
for September 2008 fell two percentage points to 48%.
The index is at its lowest level since the 2001
recession, and points to a decline in manufacturing
activity and expectations.
- Jobless Claims
- Initial claims for unemployment insurance
decreased 16,000 to 461,000 for the week ending
October 11. This was below our expectations, but not
surprising considering that claims are still falling as
the effects of hurricanes Gustav and Ike are washing
away. Claims remain elevated and indicative of a
weak labor market.
- Quarterly Household Credit
- Household credit conditions continued to
deteriorate in the third quarter. Dollar delinquency and
default rates rose for most loan categories, although
results were better on an account basis. Taking all
household liabilities together, delinquency and default
rates are now much higher than they were in the 2001
recession. Balance growth fell further in the
quarter.
- NAHB Housing Market Index
- The NAHB housing market index took a turn for the
worse in October, no doubt because of diminished
homebuyer confidence in the wake of the continuing
financial market collapse. The housing market index
fell from 17 in September to 14 in October. All three of
the components of the NAHB index fell for the month,
especially for prospective six-month sales. The hopes
that purchase activity would bottom out have thus
been pushed forward by another few months.
- MBA Mortgage Applications Survey
- In the week ending October 10, the MBA market
index rose for the second week in a row. The market
composite increased by 5.1%, pushed by refinance
applications, which increased 12.5%. The purchase
index, however, fell slightly, losing 0.3%. As would be
expected, the financial anxiety of the previous week
has buoyed refinancing applications.
- Retail Sales (MARTS)
- Total retail sales fell 1.2% in September,
somewhat more than expected, following a revised
0.4% decline in August (originally -0.3%) on
widespread weakness. Sales excluding autos fell
0.6% after falling 0.9% in August (originally -0.7%).
Gas stations and drug stores were the only major
segments to post gains. Core sales fell 0.7%.
- Chain Store Sales
- Chain store sales grew 0.7% in the week ending
October 11, the second consecutive gain and the
largest weekly gain since July. However, year-over-
year growth slipped to 1%, the weakest growth since
May though only slightly below the results for the prior
four weeks. Spending was reportedly still focused on
staples.
- Oil and Gas Inventories
- Crude oil inventories rose by 5.6 million barrels for
the week ending October 10, according to the Energy
Information Administration, beating estimates of a 1.9
million barrel increase. Gasoline inventories rose by
7.0 million barrels, surpassing expectations of a 2.9
million barrel build. Distillate supplies fell by 0.5
million barrels, below expectations. Refinery operating
capacity improved to 82.2% from 80.9%. Total
domestic petroleum demand rose for the first time in
six weeks. This report points to slightly lower oil
prices.
- Natural Gas Storage Report
- Working gas in underground storage increased by
79 billion cubic feet during the week ending October
10, slightly below consensus expectations of an 82
bcf build.
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BONNEVILLE RESEARCH - Working with clients to make things happen! |
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BONNEVILLE RESEARCH
Bonneville Research is a Utah-based
consulting
firm providing economic, financial, market
and policy
research to public and private sector clients
throughout the intermountain west.
Helping Clients Succeed
Our services include:
- Financial Analysis
- Business License Studies
- Impact Fee analysis
- Urban Renewal & Redevelopment
Analysis and Budgets
- Strategy and Policy Analysis
- Economic and Fiscal Impact Analysis
- Statistical and Survey Research
- Public Sector Mission
Effectiveness
Each of our studies is tailored to address
the
unique needs of our clients and their
communities.
Successful client work requires a
superior team of
outstanding people working fluidly together.
Bonneville Research is the one firm with
the experience and expertise to help
businesses,
governments and nonprofit organizations
solve their
toughest problems.
We work to help clients achieve enduring
results
and improve the communities in which we
live.
If we can help, please call or email us at
- Bob
- 801-364-5300
- BobSpring@BonnevilleResearch.com
- Jon
- 801-746-5706
-
JonSpring@BonnevilleResearch.com
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