All articles tagged with #surplus
Minnesota's February forecast raises the 2026-27 general fund balance to about $3.7B (up ~$1.3B from November) and reverses the 2028-29 outlook to a small surplus, helped by higher capital gains, interest, and corporate tax receipts, but officials warn that federal funding volatility and potential Medicaid fraud withholds could erode gains, prompting calls for prudent spending and anti-fraud measures.
After a bumper national potato harvest, a Saxony farm distributes millions of potatoes for free to food banks, schools and churches, with Berlin receiving about 500,000 kg to help prevent waste; the effort, dubbed the “great potato rescue,” has mixed reactions—praised for reducing waste but criticized by some farmers for market disruption—and funding is expected to dry up later this year.
U.S. crude oil prices have dropped to their lowest since early 2021 due to a looming surplus, potential peace in Ukraine, and increased OPEC+ production, with broader economic indicators also showing signs of slowdown.
The US government posted a surprising June surplus of over $27 billion, driven by increased tariff receipts and higher revenue, despite ongoing high interest payments on the national debt. This marks the first June surplus since 2017, with tariffs significantly contributing to revenue growth, although the fiscal year still shows a substantial deficit of $1.34 trillion.
Eastman Kodak Co is reportedly considering tapping into its overfunded pension system, which has a surplus of about $1.2 billion, in a move known as a pension reversion. This maneuver would allow Kodak to take control of the surplus instead of leaving it for current and future retirees, potentially using the proceeds to pay down debt and invest in growth initiatives. The company's shares surged about 52.6% following the news.
Due to an oversupply of apples caused by bumper crops, export declines, and weather-related issues, many apple growers in the United States were left without a market for their harvest. However, a relief program in West Virginia purchased $10 million worth of apples from local growers and donated them to hunger-fighting charities across the country. The Farmlink Project, a nonprofit, played a significant role in distributing the surplus apples. Following West Virginia's program, the USDA announced an additional $100 million purchase to alleviate the apple surplus in other states. Despite these efforts, many growers have already left their apples to rot as the harvest season comes to an end.
Alabama residents will start receiving tax rebates next month, with single individuals receiving $150 and married couples receiving $300. The one-time rebates are expected to benefit around 1.9 million state residents. The rebates are being funded by a $2.8 billion surplus in the Education Trust Fund and will cost the state approximately $393 million. Eligible recipients must have filed a state income tax return for 2021 by October 17th of last year. The rebates will be distributed via direct deposit or mailed checks starting from November 30th.
Oregon taxpayers will receive the largest kicker credit in state history in 2024, thanks to a record-breaking $5.61 billion revenue surplus. The credit will be applied to their 2023 state personal income tax returns, based on their tax liability for the 2022 tax year. Taxpayers are encouraged to file their 2022 tax returns to claim the kicker credit.
Two tanks containing approximately 2.2 million liters of red wine ruptured at a distillery in São Lourenço do Bairro, Portugal, causing a "river of wine" to flood the streets. No injuries were reported, but at least one cellar was flooded. The wine, stored through a government program to remove excess from the market, was slated to be converted into alcohol. Portugal's wine consumption has declined, and the distillery is investigating the cause of the breach while pledging to cover the cleanup costs.
Missouri Governor Mike Parson has vetoed $550 million in state spending from the $51.8 billion budget approved by lawmakers, citing the need to maintain the state's strong financial position despite an $8 billion surplus. Parson made 201 vetoes, reducing some lines and eliminating items entirely, with a focus on earmarked spending. While he approved several initiatives, including expanding a plan for widening portions of Interstate 70, Parson also cut funding for road projects and a loan for pollution controls. The governor emphasized spending on transportation and infrastructure, but his veto pen hit some projects not in the Missouri Department of Transportation's plan or identified as regional priorities.
The Georgia Department of Revenue has started issuing a special state income tax refund to eligible taxpayers, with over 1.1 million refunds totaling around $257 million already processed. The refunds come from a $1 billion surplus in state funds, and eligible Georgians can receive up to $500 based on their tax liability for Tax Year 2021. The refunds will be issued through direct deposit or a paper check, and taxpayers can check for their surplus tax refund online.
Natural gas prices in the United States have fallen to a 30-month low due to milder-than-expected winter weather, leading to a surplus of gas in storage. Despite some producers reducing drilling, the rise in gas from oil wells suggests that output is likely to continue growing. Analysts suggest that the price still needs to be higher to discourage output gains. The mild winter weather and diminishing LNG export options have led to falling U.S. consumption, which may put further pressure on gas prices in the coming months.
Five Eastern European EU member states have called on the Commission to address Ukraine's oversaturation of the produce market and its economic ramifications. The glut of Ukrainian produce, especially grain, has flooded the markets of transit countries, bringing down prices and angering farmers. The prime ministers of Poland, Slovakia, Hungary, Romania, and Bulgaria have appealed to the EU to consider the urgent purchase of surplus produce and to provide funds for the speedy development of transport and storage infrastructure. The governments of transit countries are facing pressure and protests from farmers anxious over dropping prices and lack of storage for this year’s crops.