Chmura Economics & Analytics report that shows initially, during construction, the Atlantic Coast Pipeline, a Dominion project that will run from WV through VA to NC, has a huge impact of $450+ million per year (creating 2,900 jobs during the construction phase), and following construction, an ongoing impact of nearly $70 million per year. The report breaks down the impact and shows you how they arrive at these very solid estimates for the big economic impact from the project.
Presentation by Presentation by Keith Hall, CBO Director, at the Robert H. Smith School of Business, University of Maryland.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.
One such report is the annual Budget and Economic Outlook, which is generally released each January and updated in August, and projects economic and budget outcomes under the assumption that current laws regarding federal spending and revenues generally remain in place. Those baseline projections cover the 10-year period used in the Congressional budget process. This presentation includes some key elements of those projections.
The document provides updates from the National Association of Development Organizations (NADO) on recent federal advocacy and legislative issues relevant to regional economic development. Key points include:
- NADO submitted comments to federal agencies on opportunities zones, broadband mapping, and workforce funding.
- The continuing resolution passed in November repealed a planned $7.6 billion highway funding rescission.
- Bills introduced in Congress aim to establish rural investment funds and ensure rural representation in transportation policy.
- NADO is partnering with other organizations on webinars and outreach related to legislation and upcoming conferences.
- NADO's membership approved changes to the dues structure starting in 2020 to strengthen the organization.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, to the Manpower Roundtable.
If the Congress rejects certain cost-saving proposals of the Administration that it has not accepted in the past, and if costs for weapon systems continue to rise as they have in the past, funding required to implement the Administration’s plans for the Department of Defense would exceed the funding caps set by the Budget Control Act of 2011 by $162 billion (in 2016 dollars) over the 2017–2020 period.
For its baseline budget projections, CBO estimates the revenue effects of enacted legislation that changed the amount of funding for tax enforcement. Similarly, CBO’s annual analysis of the President’s budget includes its estimates of the revenue effects of the Administration’s proposals to change such funding. (But CBO does not estimate the changes in revenue from proposals to amend the tax code; those estimates are the responsibility of the staff of the Joint Committee on Taxation.)
However, for legislation being considered by the Congress, CBO does not include projections of additional receipts from proposed increases in funding for tax enforcement in its estimates of the budgetary effects that are used for budget enforcement purposes. That approach follows the budget scorekeeping guidelines specified in the conference report for the Balanced Budget Act of 1997.
These slides describe the circumstances under which CBO estimates the revenue effects of changes in funding for tax enforcement and the factors that affect those estimates. They were the basis for a presentation by Janet Holtzblatt, a unit chief in CBO's Tax Analysis Division, at the sixth annual Internal Revenue Service-Tax Policy Center Joint Research Conference on Tax Administration.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, at the Vision Strategic Planning Forum.
The Department of Defense’s estimates of the costs of the 2016 Future Years Defense Program (FYDP) exceed limits set forth in the Budget Control Act of 2011 by a total of $107 billion (in 2016 dollars) from 2017 to 2020. CBO projects a steep increase in acquisition costs starting in 2021, suggesting that weapons development and procurement is being deferred until beyond the FYDP period.
The document provides an analysis of Bangladesh's national budget for fiscal year 2019-20 by the Centre for Policy Dialogue (CPD). It discusses macroeconomic targets and performance, fiscal framework, revenue mobilization, and public expenditure projections. Key points include GDP growth exceeding 7FYP targets, lagging private investment, revenue-GDP ratio stagnating at 10%, higher reliance on bank borrowing for deficit financing, and investments in equities almost doubling without explanation. The analysis raises concerns about revenue mobilization needs, pressure on the banking sector from government borrowing, and sustainability of the external balance.
Presentation by Keith Hall, CBO Director, at the Peter G. Peterson Foundation’s 2016 Fiscal Summit.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to CBO’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
To analyze the state of the budget in the long term, CBO has extrapolated its 10-year baseline projections an additional two decades. If current laws governing taxes and spending remain in place, the outlook for the budget would steadily worsen over the long term, with revenues falling well short of spending. CBO is in the process of completing a detailed update of its long-term projections; but in January the agency did a simplified update. On that basis, budget deficits are projected to rise steadily and federal debt held by the public is projected to exceed 130 percent of GDP by 2040.
To put the federal budget on a sustainable path for the long term, lawmakers would have to make major changes to tax policies, spending policies, or both – by reducing spending for large benefit programs below the projected amounts, letting revenues rise more than they would under current law, or adopting some combination of those approaches. The size of such changes would depend on the amount of federal debt that lawmakers considered appropriate.
Since 1975, CBO has produced nonpartisan budgetary and economic analyses that support the Congressional budget process. Taking a number of steps to ensure that all of its work is objective, impartial, and nonpartisan, CBO works hard to make its analysis transparent.
Publications go well beyond simply presenting results; instead, the agency explains the basis of its findings so that Members of Congress, their staff, and outside analysts can understand the results and question the methodologies used.
Presentation by Keith Hall, CBO Director, at the University of Virginia’s Batten School of Leadership and Public Policy.
Presentation by Presentation by Keith Hall, CBO Director, at the Robert H. Smith School of Business, University of Maryland.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.
One such report is the annual Budget and Economic Outlook, which is generally released each January and updated in August, and projects economic and budget outcomes under the assumption that current laws regarding federal spending and revenues generally remain in place. Those baseline projections cover the 10-year period used in the Congressional budget process. This presentation includes some key elements of those projections.
The document provides updates from the National Association of Development Organizations (NADO) on recent federal advocacy and legislative issues relevant to regional economic development. Key points include:
- NADO submitted comments to federal agencies on opportunities zones, broadband mapping, and workforce funding.
- The continuing resolution passed in November repealed a planned $7.6 billion highway funding rescission.
- Bills introduced in Congress aim to establish rural investment funds and ensure rural representation in transportation policy.
- NADO is partnering with other organizations on webinars and outreach related to legislation and upcoming conferences.
- NADO's membership approved changes to the dues structure starting in 2020 to strengthen the organization.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, to the Manpower Roundtable.
If the Congress rejects certain cost-saving proposals of the Administration that it has not accepted in the past, and if costs for weapon systems continue to rise as they have in the past, funding required to implement the Administration’s plans for the Department of Defense would exceed the funding caps set by the Budget Control Act of 2011 by $162 billion (in 2016 dollars) over the 2017–2020 period.
For its baseline budget projections, CBO estimates the revenue effects of enacted legislation that changed the amount of funding for tax enforcement. Similarly, CBO’s annual analysis of the President’s budget includes its estimates of the revenue effects of the Administration’s proposals to change such funding. (But CBO does not estimate the changes in revenue from proposals to amend the tax code; those estimates are the responsibility of the staff of the Joint Committee on Taxation.)
However, for legislation being considered by the Congress, CBO does not include projections of additional receipts from proposed increases in funding for tax enforcement in its estimates of the budgetary effects that are used for budget enforcement purposes. That approach follows the budget scorekeeping guidelines specified in the conference report for the Balanced Budget Act of 1997.
These slides describe the circumstances under which CBO estimates the revenue effects of changes in funding for tax enforcement and the factors that affect those estimates. They were the basis for a presentation by Janet Holtzblatt, a unit chief in CBO's Tax Analysis Division, at the sixth annual Internal Revenue Service-Tax Policy Center Joint Research Conference on Tax Administration.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, at the Vision Strategic Planning Forum.
The Department of Defense’s estimates of the costs of the 2016 Future Years Defense Program (FYDP) exceed limits set forth in the Budget Control Act of 2011 by a total of $107 billion (in 2016 dollars) from 2017 to 2020. CBO projects a steep increase in acquisition costs starting in 2021, suggesting that weapons development and procurement is being deferred until beyond the FYDP period.
The document provides an analysis of Bangladesh's national budget for fiscal year 2019-20 by the Centre for Policy Dialogue (CPD). It discusses macroeconomic targets and performance, fiscal framework, revenue mobilization, and public expenditure projections. Key points include GDP growth exceeding 7FYP targets, lagging private investment, revenue-GDP ratio stagnating at 10%, higher reliance on bank borrowing for deficit financing, and investments in equities almost doubling without explanation. The analysis raises concerns about revenue mobilization needs, pressure on the banking sector from government borrowing, and sustainability of the external balance.
Presentation by Keith Hall, CBO Director, at the Peter G. Peterson Foundation’s 2016 Fiscal Summit.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to CBO’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
To analyze the state of the budget in the long term, CBO has extrapolated its 10-year baseline projections an additional two decades. If current laws governing taxes and spending remain in place, the outlook for the budget would steadily worsen over the long term, with revenues falling well short of spending. CBO is in the process of completing a detailed update of its long-term projections; but in January the agency did a simplified update. On that basis, budget deficits are projected to rise steadily and federal debt held by the public is projected to exceed 130 percent of GDP by 2040.
To put the federal budget on a sustainable path for the long term, lawmakers would have to make major changes to tax policies, spending policies, or both – by reducing spending for large benefit programs below the projected amounts, letting revenues rise more than they would under current law, or adopting some combination of those approaches. The size of such changes would depend on the amount of federal debt that lawmakers considered appropriate.
Since 1975, CBO has produced nonpartisan budgetary and economic analyses that support the Congressional budget process. Taking a number of steps to ensure that all of its work is objective, impartial, and nonpartisan, CBO works hard to make its analysis transparent.
Publications go well beyond simply presenting results; instead, the agency explains the basis of its findings so that Members of Congress, their staff, and outside analysts can understand the results and question the methodologies used.
Presentation by Keith Hall, CBO Director, at the University of Virginia’s Batten School of Leadership and Public Policy.
Presentation by David E. Mosher, Assistant Director for CBO’s National Security Division, at the Professional Services Council’s 2016 Vision Federal Market Forecast Conference.
Pressure on the Department of Defense’s budget in future years will come from external fiscal constraints as well as growth within the department in the costs of weapon systems, manpower, and operation and maintenance. Given those fiscal constraints, if those causes of growth are not addressed, DoD will have to reduce forces, the number of weapons it buys, or operations and readiness.
If current laws governing taxes and spending did not change, the condition of the federal budget would worsen considerably over the next three decades. Growth in federal spending would continue to outpace growth in federal revenues, leading to ever larger budget deficits.
Federal spending is projected to rise noticeably in relation to the economy because of growth in spending in Social Security, the major health programs, and interest on the government’s debt. Federal revenues would also increase if current laws remained generally unchanged, but they would increase much more slowly than federal spending.
Presentation by Keith Hall, CBO Director, at the 19th annual meeting of the Retirement Research Consortium.
Presentation by Chad Shirley, CBO’s Deputy Assistant Director for Microeconomic Studies, at the Transportation Policy & Finance Summit of the International Bridge, Tunnel and Turnpike Association (IBTTA).
Federal spending on highways (or, synonymously, roads) totaled $46 billion in 2014, roughly a quarter of total public spending on highways. But that spending does not correspond very well with how the roads are used and valued.
This presentation illustrates how spending on highways is related to their use and performance, and it examines three approaches that the Congress could consider to make highway spending more productive.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the Brookings Institution’s Hutchins Center on Fiscal and Monetary Policy.
Revenues and spending as a share of economic output have varied over business cycles as a result of both changes in legislation and automatic stabilizers. Automatic stabilizers are the automatic increases in revenues and decreases in outlays in the federal budget that occur when the economy strengthens, and the opposite changes that occur when the economy weakens.
Presentation by Julie Topoleski, Chief of the Long-Term Analysis Unit in CBO's Health, Retirement, and Long-Term Analysis Division, at the 2016 Annual Meeting of the Population Association of America.
CBO uses a variety of demographic data. Those data underlie CBO’s budget and economic projections, and some cost estimates for legislation. Demographic data played an important role in estimating savings from an increase in the full retirement age for Social Security, estimating the costs of federal subsidies for health insurance coverage, and estimating the impact of changes in immigration policy, for example.
Presentation by Sarah Puro, Principal Analyst in CBO’s Budget Analysis Division, at the Transportation Research Board’s annual conference.
The Fixing America’s Surface Transportation Act was signed into law on December 4, 2015. The bill provided $281 billion in contract authority for surface transportation programs through 2020. Under provisions of the bill, CBO estimates, the Highway Trust Fund will be able to meet obligations through 2020.
Presentation by Ben Page, CBO's Fiscal Policy Studies Unit Chief, at the National Tax Association 108th Annual Conference on Taxation.
In May, the Congress adopted a concurrent resolution on the budget for fiscal year 2016. That resolution requires CBO, to the greatest extent practicable, to incorporate macroeconomic effects into its 10-year cost estimates for major legislation that Congressional committees approve. Such estimates must also include, when practicable, a qualitative assessment of the budgetary effects for the following 20 years. Incorporating such macroeconomic feedback into cost estimates is often called dynamic scoring. This presentation describes how CBO will prepare such estimates.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the National Bureau of Economic Research conference, Economics of Infrastructure Investment.
Federal investment in physical capital, education, and research and development boosts private-sector productivity gradually, CBO estimates. The overall macroeconomic and budgetary effects of federal investment depend on how that spending is financed.
On April 12, 2016, CBO Deputy Director Robert Sunshine presented at the 8th Annual Meeting of OECD Parliamentary Budget Officials and Independent Fiscal Institutions.
The OECD (Organisation for Economic Co-operation and Development) defines fiscal transparency as the full disclosure of all relevant fiscal information in a timely and systematic manner. Each year, CBO produces numerous products that provide such information to the Congress, and through its website, to other interested parties and the general public. This presentation describes several of those products.
On March 7, 2016, Wendy Edelberg, an Associate Director for Economic Analysis at CBO, will present at the University of Chicago Booth School of Business.
CBO has devoted significant effort to developing analytical tools that enable it to assess the macroeconomic effects of fiscal policies and how such effects, or "macroeconomic feedback," would affect the federal budget. When CBO incorporates such effects in its cost estimates of major legislation, the approach is often called dynamic scoring. This presentation describes how CBO prepares estimates of macroeconomic feedback, and provides a case study on proposed legislation to repeal the Affordable Care Act.
This presentation provides information about the households that receive federal housing assistance, describes the major budgetary effects of H.R. 3700, the Housing Opportunity Through Modernization Act, and describes the FY 2017 appropriation for federal housing assistance.
Presentation by Elizabeth Cove Delisle, an analyst in CBO’s Budget Analysis Division, to the Council of Large Public Housing Authorities.
Presentation by Sarah Puro, Principal Analyst in CBO’s Budget Analysis Division, at the Annual Conference of the National Federation of Municipal Analysts.
The Fixing America’s Surface Transportation Act, which was signed into law on December 4, 2015, provided $281 billion in contract authority for surface transportation programs through 2020. But projected spending from the Highway Trust Fund exceeds its revenues. Under current law, CBO estimates that the Highway Account of the Highway Trust Fund will be able to meet obligations through 2021 and the Transit Account through 2020.
Some proposals involve establishing a new entity to finance infrastructure investments. However, even if such an entity is not officially a federal agency, its activity might be considered part of the federal budget.
Presentation by Megan Carroll and David Newman, analysts in CBO’s Budget Analysis Division, at the spring symposium of the American Association for Budget and Program Analysis.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s budget analysts produce hundreds of cost estimates for proposed legislation. This presentation describes some of the principles that underlie those estimates and how the estimates relate to Congressional budget enforcement procedures.
This document summarizes a presentation by the Congressional Budget Office (CBO) about federal grants to state and local governments for infrastructure investment. It provides data on federal nondefense investment in physical capital, education, and research from 1962 to 2017. It also shows that while the federal government accounts for the majority of transportation and water infrastructure spending, state and local governments select projects within federal rules. Research estimates that state and local governments substitute around 0.2 to 1.3 of their own spending for each additional dollar of federal highway grants. The CBO has published several reports on topics related to federal investment.
Agencies are held accountable for how they use public funds and whether they achieve their performance targets. The DBM sets performance measures alongside the national budget and agencies further firm up targets in their budget execution plans. Agencies submit monthly and quarterly budget accountability reports to the DBM showing how funds were used and accomplishments. The DBM regularly reviews agency performance against targets and may withhold certain fund releases if agencies fail to submit reports. While auditing is done by the Commission on Audit, the DBM uses these audit reports to confirm agency performance and determine budget levels. The DBM is also establishing a performance-based incentive system to reward good performance and improve efficiency.
Presentation by Keith Hall, CBO Director, to the National Association for Business Economics.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to the Congressional Budget Office’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
CBO anticipates that the economy will expand solidly this year and next. Increases in demand for goods and services are expected to reduce the quantity of underused labor and capital, or “slack,” in the economy—thereby encouraging greater participation in the labor force by reducing the unemployment rate and pushing up compensation. That reduction in slack will also push up inflation and interest rates. Over the following years, CBO projects, output will grow at a more modest pace, constrained by relatively slow growth in the nation’s supply of labor. Nevertheless, in those later years, output is anticipated to grow more quickly than it has during the past decade.
In 2010, more than 70 percent of families directly owned capital assets that had a combined worth of $50 trillion. In that year, taxpayers reported net long-term gains and net long-term losses that totaled $123 billion from the sale of those types of assets.
In this report, CBO and the staff of the Joint Committee on Taxation examine the distribution of capital assets and net capital gains and losses in 2010 by type of asset and by the income and age of the asset holder.
On November 17, 2018 , Kevin Perese, a senior adviser in CBO's Tax Analysis Division, and Patrick Landers, formerly of CBO, presented at the National Tax Association’s 111th Annual Conference on Taxation.
This presentation summarizes some initial work on allocating state and local taxes to U.S. households as part of CBO’s analyses of the distribution of household income.
CBO plans to allocate three sources of state and local taxes to U.S. households: property taxes, individual income taxes, and consumption taxes (which consist of general and selective sales taxes). The presentation reviews the theoretical incidence for those tax sources and describes how CBO plans to allocate them to households.
The work is in an early stage and was presented for feedback and critical comments. The results in the presentation are preliminary.
This is the third in the series of Public Finance Statistics that is being published by Ekiti State Bureau of Statistics in recent time. The first edition covers year 2011-2014 while the second dwelled on financial activities for years 2015-2016. The focus of the current edition was years 2017-2018. This indicated that there has been unbroken record of the Public Finance Statistics for a period of eight years.
The current edition contains information on budget estimates, total revenue generated by category, internally generated revenue as well as recurrent and capital expenditure including sectoral analysis. The documents also focus particular attention on amount paid as gratuity and pension as well as debt profile (foreign and local loan) of the state for years 2016-2018.
A quarterly publication from the Independent Petroleum Association of America (IPAA) and the PIRA Energy Group. It recounts the latest battles by out-of-control environmentalists in their attempts to kill fossil fuels by demagoging and litigating against the miracle of hydraulic fracturing and shale drilling throughout the U.S. An excellent summary/rundown of the latest skirmishes in the fracking wars.
GAO Report: Key Environmental and Public Health Requirements for Shale Oil & GasMarcellus Drilling News
A report issued by the U.S. Government Accountability Office in Sept. 2012 which looks at environmental and public health requirements for unconventional oil and gas development and (1) describes federal requirements; (2) describes state requirements; (3) describes additional requirements that apply on federal lands; and (4) identifies challenges that federal and state agencies reported facing in regulating oil and gas development from unconventional reservoirs.
Presentation by David E. Mosher, Assistant Director for CBO’s National Security Division, at the Professional Services Council’s 2016 Vision Federal Market Forecast Conference.
Pressure on the Department of Defense’s budget in future years will come from external fiscal constraints as well as growth within the department in the costs of weapon systems, manpower, and operation and maintenance. Given those fiscal constraints, if those causes of growth are not addressed, DoD will have to reduce forces, the number of weapons it buys, or operations and readiness.
If current laws governing taxes and spending did not change, the condition of the federal budget would worsen considerably over the next three decades. Growth in federal spending would continue to outpace growth in federal revenues, leading to ever larger budget deficits.
Federal spending is projected to rise noticeably in relation to the economy because of growth in spending in Social Security, the major health programs, and interest on the government’s debt. Federal revenues would also increase if current laws remained generally unchanged, but they would increase much more slowly than federal spending.
Presentation by Keith Hall, CBO Director, at the 19th annual meeting of the Retirement Research Consortium.
Presentation by Chad Shirley, CBO’s Deputy Assistant Director for Microeconomic Studies, at the Transportation Policy & Finance Summit of the International Bridge, Tunnel and Turnpike Association (IBTTA).
Federal spending on highways (or, synonymously, roads) totaled $46 billion in 2014, roughly a quarter of total public spending on highways. But that spending does not correspond very well with how the roads are used and valued.
This presentation illustrates how spending on highways is related to their use and performance, and it examines three approaches that the Congress could consider to make highway spending more productive.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the Brookings Institution’s Hutchins Center on Fiscal and Monetary Policy.
Revenues and spending as a share of economic output have varied over business cycles as a result of both changes in legislation and automatic stabilizers. Automatic stabilizers are the automatic increases in revenues and decreases in outlays in the federal budget that occur when the economy strengthens, and the opposite changes that occur when the economy weakens.
Presentation by Julie Topoleski, Chief of the Long-Term Analysis Unit in CBO's Health, Retirement, and Long-Term Analysis Division, at the 2016 Annual Meeting of the Population Association of America.
CBO uses a variety of demographic data. Those data underlie CBO’s budget and economic projections, and some cost estimates for legislation. Demographic data played an important role in estimating savings from an increase in the full retirement age for Social Security, estimating the costs of federal subsidies for health insurance coverage, and estimating the impact of changes in immigration policy, for example.
Presentation by Sarah Puro, Principal Analyst in CBO’s Budget Analysis Division, at the Transportation Research Board’s annual conference.
The Fixing America’s Surface Transportation Act was signed into law on December 4, 2015. The bill provided $281 billion in contract authority for surface transportation programs through 2020. Under provisions of the bill, CBO estimates, the Highway Trust Fund will be able to meet obligations through 2020.
Presentation by Ben Page, CBO's Fiscal Policy Studies Unit Chief, at the National Tax Association 108th Annual Conference on Taxation.
In May, the Congress adopted a concurrent resolution on the budget for fiscal year 2016. That resolution requires CBO, to the greatest extent practicable, to incorporate macroeconomic effects into its 10-year cost estimates for major legislation that Congressional committees approve. Such estimates must also include, when practicable, a qualitative assessment of the budgetary effects for the following 20 years. Incorporating such macroeconomic feedback into cost estimates is often called dynamic scoring. This presentation describes how CBO will prepare such estimates.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the National Bureau of Economic Research conference, Economics of Infrastructure Investment.
Federal investment in physical capital, education, and research and development boosts private-sector productivity gradually, CBO estimates. The overall macroeconomic and budgetary effects of federal investment depend on how that spending is financed.
On April 12, 2016, CBO Deputy Director Robert Sunshine presented at the 8th Annual Meeting of OECD Parliamentary Budget Officials and Independent Fiscal Institutions.
The OECD (Organisation for Economic Co-operation and Development) defines fiscal transparency as the full disclosure of all relevant fiscal information in a timely and systematic manner. Each year, CBO produces numerous products that provide such information to the Congress, and through its website, to other interested parties and the general public. This presentation describes several of those products.
On March 7, 2016, Wendy Edelberg, an Associate Director for Economic Analysis at CBO, will present at the University of Chicago Booth School of Business.
CBO has devoted significant effort to developing analytical tools that enable it to assess the macroeconomic effects of fiscal policies and how such effects, or "macroeconomic feedback," would affect the federal budget. When CBO incorporates such effects in its cost estimates of major legislation, the approach is often called dynamic scoring. This presentation describes how CBO prepares estimates of macroeconomic feedback, and provides a case study on proposed legislation to repeal the Affordable Care Act.
This presentation provides information about the households that receive federal housing assistance, describes the major budgetary effects of H.R. 3700, the Housing Opportunity Through Modernization Act, and describes the FY 2017 appropriation for federal housing assistance.
Presentation by Elizabeth Cove Delisle, an analyst in CBO’s Budget Analysis Division, to the Council of Large Public Housing Authorities.
Presentation by Sarah Puro, Principal Analyst in CBO’s Budget Analysis Division, at the Annual Conference of the National Federation of Municipal Analysts.
The Fixing America’s Surface Transportation Act, which was signed into law on December 4, 2015, provided $281 billion in contract authority for surface transportation programs through 2020. But projected spending from the Highway Trust Fund exceeds its revenues. Under current law, CBO estimates that the Highway Account of the Highway Trust Fund will be able to meet obligations through 2021 and the Transit Account through 2020.
Some proposals involve establishing a new entity to finance infrastructure investments. However, even if such an entity is not officially a federal agency, its activity might be considered part of the federal budget.
Presentation by Megan Carroll and David Newman, analysts in CBO’s Budget Analysis Division, at the spring symposium of the American Association for Budget and Program Analysis.
Since 1975, CBO has produced nonpartisan analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s budget analysts produce hundreds of cost estimates for proposed legislation. This presentation describes some of the principles that underlie those estimates and how the estimates relate to Congressional budget enforcement procedures.
This document summarizes a presentation by the Congressional Budget Office (CBO) about federal grants to state and local governments for infrastructure investment. It provides data on federal nondefense investment in physical capital, education, and research from 1962 to 2017. It also shows that while the federal government accounts for the majority of transportation and water infrastructure spending, state and local governments select projects within federal rules. Research estimates that state and local governments substitute around 0.2 to 1.3 of their own spending for each additional dollar of federal highway grants. The CBO has published several reports on topics related to federal investment.
Agencies are held accountable for how they use public funds and whether they achieve their performance targets. The DBM sets performance measures alongside the national budget and agencies further firm up targets in their budget execution plans. Agencies submit monthly and quarterly budget accountability reports to the DBM showing how funds were used and accomplishments. The DBM regularly reviews agency performance against targets and may withhold certain fund releases if agencies fail to submit reports. While auditing is done by the Commission on Audit, the DBM uses these audit reports to confirm agency performance and determine budget levels. The DBM is also establishing a performance-based incentive system to reward good performance and improve efficiency.
Presentation by Keith Hall, CBO Director, to the National Association for Business Economics.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to the Congressional Budget Office’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
CBO anticipates that the economy will expand solidly this year and next. Increases in demand for goods and services are expected to reduce the quantity of underused labor and capital, or “slack,” in the economy—thereby encouraging greater participation in the labor force by reducing the unemployment rate and pushing up compensation. That reduction in slack will also push up inflation and interest rates. Over the following years, CBO projects, output will grow at a more modest pace, constrained by relatively slow growth in the nation’s supply of labor. Nevertheless, in those later years, output is anticipated to grow more quickly than it has during the past decade.
In 2010, more than 70 percent of families directly owned capital assets that had a combined worth of $50 trillion. In that year, taxpayers reported net long-term gains and net long-term losses that totaled $123 billion from the sale of those types of assets.
In this report, CBO and the staff of the Joint Committee on Taxation examine the distribution of capital assets and net capital gains and losses in 2010 by type of asset and by the income and age of the asset holder.
On November 17, 2018 , Kevin Perese, a senior adviser in CBO's Tax Analysis Division, and Patrick Landers, formerly of CBO, presented at the National Tax Association’s 111th Annual Conference on Taxation.
This presentation summarizes some initial work on allocating state and local taxes to U.S. households as part of CBO’s analyses of the distribution of household income.
CBO plans to allocate three sources of state and local taxes to U.S. households: property taxes, individual income taxes, and consumption taxes (which consist of general and selective sales taxes). The presentation reviews the theoretical incidence for those tax sources and describes how CBO plans to allocate them to households.
The work is in an early stage and was presented for feedback and critical comments. The results in the presentation are preliminary.
This is the third in the series of Public Finance Statistics that is being published by Ekiti State Bureau of Statistics in recent time. The first edition covers year 2011-2014 while the second dwelled on financial activities for years 2015-2016. The focus of the current edition was years 2017-2018. This indicated that there has been unbroken record of the Public Finance Statistics for a period of eight years.
The current edition contains information on budget estimates, total revenue generated by category, internally generated revenue as well as recurrent and capital expenditure including sectoral analysis. The documents also focus particular attention on amount paid as gratuity and pension as well as debt profile (foreign and local loan) of the state for years 2016-2018.
A quarterly publication from the Independent Petroleum Association of America (IPAA) and the PIRA Energy Group. It recounts the latest battles by out-of-control environmentalists in their attempts to kill fossil fuels by demagoging and litigating against the miracle of hydraulic fracturing and shale drilling throughout the U.S. An excellent summary/rundown of the latest skirmishes in the fracking wars.
GAO Report: Key Environmental and Public Health Requirements for Shale Oil & GasMarcellus Drilling News
A report issued by the U.S. Government Accountability Office in Sept. 2012 which looks at environmental and public health requirements for unconventional oil and gas development and (1) describes federal requirements; (2) describes state requirements; (3) describes additional requirements that apply on federal lands; and (4) identifies challenges that federal and state agencies reported facing in regulating oil and gas development from unconventional reservoirs.
Local Law No. 3 for the Town of Chenango, NY (in Broome County) that would prohibit hydraulic fracturing and shale gas drilling in the township (ie place a moratorium on the practice) until town board members have a chance to research and review the practice of fracking.
The list shows the enormous scope and influence and economic impact of Utica Shale drilling in the Buckeye State. Law firm Bricker & Eckler assembled the report and found an amazing $21.5 billion in economic development projects in Ohio that directly result from shale drilling--up from $12.2 billion just one year ago.
EPA Draft Permitting Guidance for Oil and Gas Hydraulic Fracturing Activities...Marcellus Drilling News
A draft guidance published by the Environmental Protection Agency in the May 10, 2012 Federal Register. The guidance imposes new rules on drillers who use diesel fuel during hydraulic fracturing. Drillers point out four of the six named so-called diesel fuels are not in fact diesel fuels.
Time Warner/Siena College Poll of Upstate NYers on Fracking - July 2014Marcellus Drilling News
A biased poll that uses unreflective counties thereby invaldiating the results that purportedly shows a slim majority of Upstate residents are now against hydraulic fracturing. Siena performed this slight of hand by leaving out two Southern Tier counties where drilling is likely to happen and instead including three other counties were it's not likely to happen--counties with large liberal anti-drilling populations. It was a "stacked deck" from the beginning.
Analysis of Ohio Oil & Gas Severance Tax Provisions of Ohio Law H.B. 487Marcellus Drilling News
An analysis done by Ernest & Young comparing the taxation of oil and gas in eight U.S. states. The analysis was sponsored by the Ohio Business Roundtable for the purpose of supporting Gov. John Kasich's plan to raise the severance tax in Ohio. The analysis purports to show that even with a boost of the severance tax in Ohio, that state would retain the lowest overall taxation of oil and gas production in the country.
PowerPoint presentation used by NiSource management as part of an analyst call given at the end of July 2014. Contains a complete list of their midstream projects for the Marcellus/Utica region.
Letter sent by Alliance for American Manufacturing to Dept. of Commerce re St...Marcellus Drilling News
A letter composed and sent by the AAM, and signed by 150 members of Congress, urging Commerce to conduct a speedy and full investigation into the dumping of steel pipes into the American market by South Korea and other countries. Dumping refers to selling products below the cost to manufacture them. It leads to plant closures in the U.S. and loss of jobs.
EPA/Chesapeake Energy Study: Impact of Fracking on Water in Bradford County, PAMarcellus Drilling News
Preliminary results from water samples taken from an area of Pennsylvania where there is a lot of hydraulic fracturing of Marcellus Shale gas wells. The water samples were compared with samples taken prior to fracking in the area, and the results show no measurable impact of fracking on drinking water supplies. This is part of the EPA's multi-year study of fracking.
Report - International Development of Unconventional Resources: If, where and...Marcellus Drilling News
A report released by researchers at Accenture covering when/how fast they believe the world will begin developing unconventional (shale) resources. Will they ever catch up to the United States?
DOT PHMSA Proposed Rules for Rail Cars Transporting Bakken and Other Shale Oi...Marcellus Drilling News
Proposed rules issued by the Dept. of Transportation's Pipeline and Hazardous Materials Safety Administration. Published in the August 1, 2014 Federal Register and titled "Hazardous Materials: Enhanced Tank Car Standards and Operational Controls for High-Hazard Flammable Trains". The new rules require stronger/tighter rail cars to transport Bakken crude and other light crude that contains natural gas liquids (NGLs) mixed with the heavier oil. The NGLs make the crude much more flammable and dangerous when accidents occur.
A study of water wells in Pike County, PA by the USGS. The study, titled "A Reconnaissance Spatial and Temporal Baseline Assessment of Methane and Inorganic Constituents in Groundwater in Bedrock Aquifers, Pike County, Pennsylvania, 2012–13," shows that an average 80% (!) of the water wells in the county have detectable amounts of naturally-occurring methane. No shale drilling is allowed in the county, so anti-drillers can't blame shale drilling for the presence of methane in the water.
Investor presentation posted on Marcellus/Utica driller Eclipse Resources' website--loaded with charts and maps and very useful information. The map/chart on page 23 is particularly interesting. It shows all of the Utica wells drilled by Eclipse to date, color coded by the "zone" where the well was drilled, and with production information.
The monthly Drilling Productivity Report issued by the U.S. Energy Information Administration--for July 2014. This report shows once again the Marcellus continues to increase production--up 28% from a year earlier. The Marcellus now accounts for 16% of all US natgas production.
Each quarter the Ohio law firm of Benesch Friedlander Coplan & Aronoff LLP produces an Ohio shale update. This is the newest edition, covering second quarter 2014.
The document summarizes an oil and gas mergers and acquisitions report from Deloitte for the first half of 2014. Some key points:
- While the total number of deals dipped slightly, the value of deals increased 38% due to several large transactions. The US and Canada accounted for 61% of deals.
- Exploration and production deal value increased over 90% due to continued focus on North American shale plays, though deal count rose only slightly. Producers are optimizing portfolios and focusing on highest-return assets.
- Rising costs are squeezing margins for producers, though efficiencies are improving production costs. Increased regulations and restrictions could further impact the industry.
Shell Air Quality Plan Approval application for PA Ethane Cracker PlantMarcellus Drilling News
A detailed air pollution application from Shell to build an ethane cracker plant in Beaver County, PA. The plan reveals that the plant's output of VOCs and carbon dioxide will exceed federal Clean Air Act standards, triggering necessary approvals from the federal government. The application is currently under review with the PA Dept. of Environmental Protection, a process expected to take 4-6 months.
The Economic Impact of Dominion Capital Expenditure Projects in Virginia 2015...Marcellus Drilling News
A study authored by Chmura Economic & Analytics which proves Dominion, a utility/pipeline giant operating in 14 states, will create nearly 12,000 new jobs and inject over $10 billion of new capital into the State of Virginia over the next five years. A sizable portion of the new projects involve natural gas.
This document provides an analysis of Zimbabwe's recent economic slowdown. It discusses factors such as low government expenditure, a shrinking consumer spending capacity due to job losses and high debt, stagnant investment growth, and a widening trade deficit. While the economy has faced challenges, the document also points to positive long-term factors such as a young and educated population, developing infrastructure, and urbanization that could support future growth in Zimbabwe. Recommendations are made to address current economic issues.
The document provides an executive summary of the City of Tulsa's FY15 budget. It discusses revenues, expenditures, and the economic conditions in Tulsa. Total revenues are projected to be $687 million, an 0.8% increase from FY14. Taxes make up 52% of revenues, with sales tax being the largest at 33%. Expenditures are highest for public safety at 26% and public works/transportation at 39%. The economic forecast for Tulsa is improved, with growth in employment, income, and construction activity.
The document summarizes Ethiopia's 2020-21 federal budget, which was approved on July 7, 2020. Key points include:
1) The budget projects 8.5% GDP growth, a 20% increase in tax revenue, and substantial spending increases on infrastructure, health, education, and other sectors.
2) The budget deficit is planned at Birr 126 billion (3.1% of GDP), with foreign and domestic borrowing used to finance it.
3) Compared to other large African economies, Ethiopia's post-COVID budget deficit relative to GDP is the lowest.
The document summarizes Uganda's national budget for 2015-2016, highlighting key challenges such as a large informal sector, trade imbalances, and infrastructure issues hampering competitiveness. It outlines the budget's focus on infrastructure development and service delivery to address these challenges. Performance indicators for 2014-2015 like GDP growth of 5.3% are provided. The budget funds expenditures through domestic revenues and external financing, with interventions planned for priority sectors like agriculture, industry, and infrastructure development.
The budget aims to achieve GDP growth of 5.1% by attracting investment and containing inflation to 8%. Key measures include targeting tax collection of PKR 2.81 trillion through increased withholding taxes, reducing the corporate tax rate to 20% for new investments involving at least 50% equity from FDI, and investing PKR 42 billion in water projects and PKR 205 billion in power projects. However, the economy faces challenges of low tax collection, a large trade deficit, and energy shortages hampering growth.
Edelman Canada shares highlights from Alberta Finance Minister Joe Ceci’s 2017 Budget. To learn more about Edelman Canada, please visit www.edelman.ca.
Michigan’s University Research Corridor contributed $18.7 billion to the state economy in 2017, according to an Anderson Economic Group report released today. Up from $16.5 billion in 2015, the impact also marks an increase of 46 percent since 2007, the year the URC was formed and began benchmarking its impact on the state of Michigan. According to the report, the URC also generated 78,845 jobs in 2017.
The URC, an alliance of Michigan State University, the University of Michigan and Wayne State University, is one of the nation’s top research clusters and the engine for innovation in Michigan and the Great Lakes region, increasing economic prosperity and connecting Michigan to the world.
Chatham County, Office of the Lee Smith, Chatham County Manage.docxchristinemaritza
Chatham County, Office of the Lee Smith, Chatham County Manager
Georgia County Manager 124 Bull Street, Suite 220
Savannah, Georgia 31401
Fiscal Year 2017 Proposed Budget & Budget Message
Chairman Albert J. Scott, Board of Commissioners
& the Citizens of Chatham County:
As I send you the proposed budget for Fiscal Year (FY) 2017, it is a good time to take stock of our
financial health. I can report that it is strong: we have an AA bond rating, which places Chatham County
in a mid-level position as compared to more than 3,000 counties nationwide. We can do better. With
the Board's direction, we have established the 90 day reserve, we are setting aside funds for CIP
(Capital Improvement Projects), and we are setting a course of action that will make us eligible for
being re-rated with the intention of reaching AAA status. This will not only define Chatham County as
a financially sound local government but will additionally demonstrate that we are following plans set
forth financially without major deviation. These actions also make Chatham eligible for lower cost
financing as we become an attractive risk to investors. This will prove that our
administration/management ability is strong in the field of finance, planning and implementation of
financial policies, placing Chatham County on course for a potential upgrade in the bond rating, saving
the County millions in future debt costs.
In order to understand where we are headed, it is important to understand the regional economic
impacts in our county and community. Our revenues and expenditures are driven by housing,
manufacturing, retail sales, etc. and we as local government must understand these complex issues
in order to develop long term plans to meet the needs of the community. Therefore, in cooperation
with Armstrong State University, an economic impact analysis has been prepared covering 2016-2017
for your review in Attachment A. Without a map, direction or plan, we will waste precious time and
investment opportunities for our community. Planning is the key to our potential success.
We have reasonable and improving reserve levels and a good balance sheet with affordable debt
levels - giving us the ability to continue infrastructure investments in our community with strategic
planning and guidance as to revenue sources. This isn't an accident - it is the direct result of a strong
tradition of sound financial and management practices. So why are strong finances so important?
Without them, it would be very difficult to provide the breadth, depth and quality of services for which
we are known.
This proposed budget continues this tradition. As we approach this year's budget process, we do have
challenges - but they are good challenges. They are a direct result of our success as a vibrant, growing
and diverse community. First among these is meeting the demands of a growing population, which
presents challenges to Chatham County infrastructure as ...
2023-14-06_Financial Statement for the Govt of Canada - 2018-2019.pdfpaul young cpa, cga
The document provides a summary of the Government of Canada's condensed consolidated financial statements for the fiscal year ended March 31, 2019. It highlights that the government posted a budgetary deficit of $14 billion for 2018-19, lower than the estimated $14.9 billion deficit. Revenues increased by $21 billion or 6.7% from 2017-18, while expenses rose $16 billion or 4.8%. The federal debt amounted to $685.5 billion at the end of March 2019, with the debt-to-GDP ratio at 30.9%, down from 31.3% the previous year. For the 21st consecutive year, the government received an unmodified audit opinion on its consolidated financial statements.
This document provides a five-year financial forecast for the City of San Antonio for fiscal years 2017 through 2021. It summarizes projected revenues, expenditures, and financial reserves for the General Fund, as well as the Hotel Occupancy Tax funds, Development Services Fund, and Solid Waste Operating Fund. The General Fund forecast projects modest surpluses each year and maintains reserves at 15% of revenues. Revenue growth is expected to average 2.7% annually during the forecast period. Expenditures are based on maintaining current service levels with adjustments for inflation. The forecast aims to provide early financial assessment to guide budget development and identify issues for city council.
The budget aims to promote inclusiveness and economic growth despite global challenges through three main objectives: providing opportunities for citizens' aspirations, boosting growth and job creation, and reinforcing macroeconomic stability. Key highlights include increasing capital expenditure by 33% to ₹10 lakh crores (3.3% of GDP), establishing a National Hydrogen Mission, allocating ₹35,000 crores for clean energy transition, simplifying indirect taxes, increasing customs duty exemptions for parts used in phone and TV manufacturing, and increasing tax exemption limits and reducing tax slabs and rates in the new personal income tax regime. Measures also focus on infrastructure development, MSME support, healthcare, education and women's economic
Nigeria needs $350 billion to address its infrastructure gap over the next 10 years according to the African Development Bank. The government's revenue is only $30 billion, mostly from oil, so it must raise income and involve the private sector. Key priorities are expanding investment in infrastructure, establishing stable economic policies, reducing oil dependence, and increasing skills training. Challenges include low private investment, youth unemployment, economic instability from corruption and violence. Nigeria must make major capital investments across sectors like power, roads, and sanitation to achieve development goals by 2030. Financing will require increasing domestic revenue, sovereign wealth funds, government bonds, and private investment facilitated by extended loan terms and guarantees.
This is a special edition newsletter for the Recovery Act at SRS. It represents a team effort between the client; Creative Energy, Inc., which designed and executed the layout; and my planning, writing, and photo assignments.
Zimbabwe's corporate governance weaknesses have contributed to its poor ratings in international surveys, according to an official. Improving corporate governance could significantly boost Zimbabwe's rankings. The official noted that past governance failures have resulted in the current negative perceptions, and that while some methodology reservations exist, the ratings still factor into potential investors' considerations. The government is working to enhance corporate governance in the public sector through various initiatives.
Budget Proposal For Miami-Dade County For Fiscal Year 201819I.docxcurwenmichaela
Budget Proposal For Miami-Dade County For Fiscal Year 2018/19
Introduction
This paper reviews the budget proposal for Miami-Dade County for fiscal year 2018/19, the budget process, sources of revenue and expenditure.
Overview And Budget Process.
Miami-Dade County is one of the counties in the USA and contains 13 districts. Miami-Dade County has a population of 2.71M people with a median age of 39.9 and a median household income of $45,935. Between 2015 and 2016 the population of Miami-Dade County grew from 2.69M to 2.71M, a 0.74% increase, and its median household income grew from $43,786 to $45,935, a 4.91% increase. The legislative and the governing body of the county is the Board of commission elected into office by the registered voters in a non-partisan election. One county commissioner is elected from each county for the term of four years each; the county chatter normally sets the salaries for each commissioner. The Commissioners elect a Chairperson, who then appoints the Chairperson, Vice-Chairperson, and members of all committees.
The Miami-Dade County commissioners normally plays a lot of roles which includes; reviews and adopts comprehensive development land use plans for the County, licenses and regulates taxis, transportation network entities, sets policy regarding public transportation systems, regulates utilities, adopts and enforces building codes, establishes zoning controls and establishes policy relating to public health, safety services and facilities, recreational and cultural facilities, housing and social services programs, and other services.
The BCC normally sets the tax rates and approve the county budget every financial year. Each year, the commission sets the property tax millage rates and approves the County’s budget, which determines
The expenditures and revenues are necessary to operate all County services, and enacts the County's strategic plan. The County Commission Board may override a Mayoral veto at its next regularly scheduled meeting by a two-thirds vote of those present. The Miami-Date county citizens do not directly play a role in the budget process, but the BCC normally represents them by making policies and advocate them at all levels of government. The Miami-Dade FY 2018/2019 annual budget began on 1st August 2018 and ended 30th June 2019. The budget process takes place in several stages which are a formulation, approval implementation, and audit. Documents essential to the budget process include the budget circular, the budget review, outlook paper, the county fiscal strategy paper, and the county budget estimates. The county has a budget performance analysis which is conducted by each department of the county, and it’s done through the analysis of the outcomes and results. The budget does not include the forecast for future years or prior years. The budget document gives detailed information on sources of revenue and expenditures. The budget report posted in the county’s websites gives inform.
Manchin Questions Republicans’ Change of Heart After They Praised IRA in Amic...Energy for One World
Senator Manchin refutes claims made in a report by Republican Senators Barrasso and McMorris Rodgers about the Inflation Reduction Act. He notes that the Republicans previously praised the IRA in a legal brief. Manchin provides counterarguments to several claims in the Republican report, including that the IRA is increasing U.S. energy production and independence, driving investment in domestic manufacturing and jobs, lowering consumer costs, and putting downward pressure on inflation. He cites data from the EIA, IEA, CMS, and other sources to support his counterarguments. Manchin also questions the objectivity of the economic analysis cited in the Republican report.
Similar to Report: The Economic Impact of the Atlantic Coast Pipeline in WV, VA, NC (20)
The document summarizes five key facts about the recovery of US shale oil production:
1) Rig counts have increased by 90% since bottoming out in May 2016 and are up 30% year-over-year, signaling increased drilling and production capacity.
2) While decline rates remain steep, production profiles have increased substantially due to technological advances, meaning aggregate supply will be stronger.
3) Preliminary data shows that net new shale supply turned positive in December 2016 for the first time since March 2015, recovering just 7 months after rig counts increased.
4) Increased drilling activity is supported by a large stock of drilled but uncompleted wells, demonstrating the recovery and expansion of the shale sector.
5)
Quarterly legislative action update: Marcellus and Utica shale region (4Q16)Marcellus Drilling News
A quarterly update from the legal beagles at global law firm Norton Rose Fulbright. A quarterly legislative action update for the second quarter of 2016 looking at previously laws acted upon, and new laws introduced, affecting the oil and gas industry in Pennsylvania, Ohio and West Virginia.
An update from Spectra Energy on their proposed $3 billion project to connect four existing pipeline systems to flow more Marcellus/Utica gas to New England. In short, Spectra has put the project on pause until mid-2017 while it attempts to get new customers signed.
A letter from Rover Pipeline to the Federal Energy Regulatory Commission requesting the agency issue the final certificate that will allow Rover to begin tree-clearing and construction of the 511-mile pipeline through Pennsylvania, West Virginia, Ohio and Michigan. If the certificate is delayed beyond the end of 2016, it will delay the project an extra year due to tree-clearing restrictions (to accommodate federally-protected bats).
DOE Order Granting Elba Island LNG Right to Export to Non-FTA CountriesMarcellus Drilling News
An order issued by the U.S. Dept. of Energy that allows the Elba Island LNG export facility to export LNG to countries with no free trade agreement with the U.S. Countries like Japan and India have no FTA with our country (i.e. friendly countries)--so this is good news indeed. Although the facility would have operated by sending LNG to FTA countries, this order opens the market much wider.
A study released in December 2016 by the London School of Economics, titled "On the Comparative Advantage of U.S. Manufacturing: Evidence from the Shale Gas Revolution." While America has enough shale gas to export plenty of it, exporting it is not as economic as exporting oil due to the elaborate processes to liquefy and regassify natural gas--therefore a lot of the gas stays right here at home, making the U.S. one of (if not the) cheapest places on the planet to establish manufacturing plants, especially for manufacturers that use natural gas and NGLs (natural gas liquids). Therefore, manufacturing, especially in the petrochemical sector, is ramping back up in the U.S. For every two jobs created by fracking, another one job is created in the manufacturing sector.
Letter From 24 States Asking Trump & Congress to Withdraw the Unlawful Clean ...Marcellus Drilling News
A letter from the attorneys general from 24 of the states opposed to the Obama Clean Power Plan to President-Elect Trump, RINO Senate Majority Leader Mitch McConnel and RINO House Speaker Paul Ryan. The letter asks Trump to dump the CPP on Day One when he takes office, and asks Congress to adopt legislation to prevent the EPA from such an egregious overreach ever again.
Report: New U.S. Power Costs: by County, with Environmental ExternalitiesMarcellus Drilling News
Natural gas and wind are the lowest-cost technology options for new electricity generation across much of the U.S. when cost, public health impacts and environmental effects are considered. So says this new research paper released by The University of Texas at Austin. Researchers assessed multiple generation technologies including coal, natural gas, solar, wind and nuclear. Their findings are depicted in a series of maps illustrating the cost of each generation technology on a county-by-county basis throughout the U.S.
Annual report issued by the U.S. Energy Information Administration showing oil and natural gas proved reserves, in this case for 2015. These reports are issued almost a year after the period for which they report. This report shows proved reserves for natural gas dropped by 64.5 trillion cubic feet (Tcf), or 16.6%. U.S. crude oil and lease condensate proved reserves also decreased--from 39.9 billion barrels to 35.2 billion barrels (down 11.8%) in 2015. Proved reserves are calculated on a number of factors, including price.
The document is a report from the U.S. Energy Information Administration analyzing oil and gas production from seven regions in the U.S. It includes charts and tables showing historical and projected production levels of oil and gas from each region from 2008 to 2017, as well as metrics like the average production per rig. The regions - Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica - accounted for 92% of domestic oil production growth and all domestic natural gas production growth from 2011-2014.
Velocys is the manufacturer of gas-to-liquids (GTL) plants that convert natural gas (a hyrdocarbon) into other hydrocarbons, like diesel fuel, gasoline, and even waxes. This PowerPoint presentation lays out the Velocys plan to get the company growing. GTL plants have not (so far) taken off in the U.S. Velocys hopes to change that. They specialize in small GTL plants.
PA DEP Revised Permit for Natural Gas Compression Stations, Processing Plants...Marcellus Drilling News
In January 2016, Gov. Wolf announced the DEP would revise its current general permit (GP-5) to update the permitting requirements for sources at natural gas compression, processing, and transmission facilities. This is the revised GP-5.
PA DEP Permit for Unconventional NatGas Well Site Operations and Remote Piggi...Marcellus Drilling News
In January 2016, PA Gov. Wolf announced the Dept. of Environmental Protection would develop a general permit for sources at new or modified unconventional well sites and remote pigging stations (GP-5A). This is the proposed permit.
Onerous new regulations for the Pennsylvania Marcellus Shale industry proposed by the state Dept. of Environmental Protection. The new regs will, according to the DEP, help PA reduce so-called fugitive methane emissions and some types of air pollution (VOCs). This is liberal Gov. Tom Wolf's way of addressing mythical man-made global warming.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
This document provides an overview of the natural gas market in the Northeast United States, including New England, New York, New Jersey, and Pennsylvania. It details statistics on gas customers, consumption, infrastructure like pipelines and storage, and production. A key point is that the development of the Marcellus Shale in Pennsylvania has significantly increased domestic gas production in the region and reduced its reliance on other supply basins and imports.
The Pennsylvania Public Utility Commission responded to each point raised in a draft copy of the PA Auditor General's audit of how Act 13 impact fee money, raised from Marcellus Shale drillers, gets spent by local municipalities. The PUC says it's not their job to monitor how the money gets spent, only in how much is raised and distributed.
Pennsylvania Public Utility Commission Act 13/Impact Fees Audit by PA Auditor...Marcellus Drilling News
A biased look at how 60% of impact fees raised from PA's shale drilling are spent, by the anti-drilling PA Auditor General. He chose to ignore an audit of 40% of the impact fees, which go to Harrisburg and disappear into the black hole of Harrisburg spending. The Auditor General claims, without basis in fact, that up to 24% of the funds are spent on items not allowed under the Act 13 law.
The final report from the Pennsylvania Dept. of Environmental Protection that finds, after several years of testing, no elevated levels of radiation from acid mine drainage coming from the Clyde Mine, flowing into Ten Mile Creek. Radical anti-drillers tried to smear the Marcellus industry with false claims of illegal wastewater dumping into the mine, with further claims of elevated radiation levels in the creek. After years of testing, the DEP found those allegations to be false.
FERC Order Denying Stay of Kinder Morgan's Broad Run Expansion ProjectMarcellus Drilling News
The Federal Energy Regulatory Commission denied a request to stay the authorization of Tennessee Gas Pipeline Company's Broad Run Expansion Project. The Commission found that the intervenors requesting the stay did not demonstrate they would suffer irreparable harm if the project proceeded. Specifically, the Commission determined that the environmental impacts to forest and a nearby animal rehabilitation center would be insignificant. Additionally, conditioning authorization on future permits did not improperly encroach on state authority. Therefore, justice did not require granting a stay.
Federal Authorities Urge Vigilance Amid Bird Flu Outbreak | The Lifesciences ...The Lifesciences Magazine
Federal authorities have advised the public to remain vigilant but calm in response to the ongoing bird flu outbreak of highly pathogenic avian influenza, commonly known as bird flu.
लालू यादव की जीवनी LALU PRASAD YADAV BIOGRAPHYVoterMood
Discover the life and times of Lalu Prasad Yadav with a comprehensive biography in Hindi. Learn about his early days, rise in politics, controversies, and contribution.
Youngest c m in India- Pema Khandu BiographyVoterMood
Pema Khandu, born on August 21, 1979, is an Indian politician and the Chief Minister of Arunachal Pradesh. He is the son of former Chief Minister of Arunachal Pradesh, Dorjee Khandu. Pema Khandu assumed office as the Chief Minister in July 2016, making him one of the youngest Chief Ministers in India at that time.
ग्रेटर मुंबई के नगर आयुक्त को एक खुले पत्र में याचिका दायर कर 540 से अधिक मुंबईकरों ने सभी अवैध और अस्थिर होर्डिंग्स, साइनबोर्ड और इलेक्ट्रिक साइनेज को तत्काल हटाने और 13 मई, 2024 की शाम को घाटकोपर में अवैध होर्डिंग के गिरने की विनाशकारी घटना के बाद अपराधियों के खिलाफ सख्त कार्रवाई की मांग की है, जिसमें 17 लोगों की जान चली गई और कई निर्दोष लोग गंभीर रूप से घायल हो गए।
केरल उच्च न्यायालय ने 11 जून, 2024 को मंडला पूजा में भाग लेने की अनुमति मांगने वाली 10 वर्षीय लड़की की रिट याचिका को खारिज कर दिया, जिसमें सर्वोच्च न्यायालय की एक बड़ी पीठ के समक्ष इस मुद्दे की लंबित प्रकृति पर जोर दिया गया। यह आदेश न्यायमूर्ति अनिल के. नरेंद्रन और न्यायमूर्ति हरिशंकर वी. मेनन की खंडपीठ द्वारा पारित किया गया
16062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
13062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Slide deck with charts from our Digital News Report 2024, the most comprehensive exploration of news consumption habits around the world, based on survey data from more than 95,000 respondents across 47 countries.
#WenguiGuo#WashingtonFarm Guo Wengui Wolf son ambition exposed to open a far...rittaajmal71
Since fleeing to the United States in 2014, Guo Wengui has founded a number of projects in the United States, such as GTV Media Group, GTV private equity, farm loan project, G Club Operations Co., LTD., and Himalaya Exchange.
projet de traité négocié à Istanbul (anglais).pdfEdouardHusson
Ceci est le projet de traité qui avait été négocié entre Russes et Ukrainiens à Istanbul en mars 2022, avant que les Etats-Unis et la Grande-Bretagne ne détournent Kiev de signer.
15062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Recent years have seen a disturbing rise in violence, discrimination, and intolerance against Christian communities in various Islamic countries. This multifaceted challenge, deeply rooted in historical, social, and political animosities, demands urgent attention. Despite the escalating persecution, substantial support from the Western world remains lacking.
12062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Report: The Economic Impact of the Atlantic Coast Pipeline in WV, VA, NC
1. September 2014
The Economic Impact of the
Atlantic Coast Pipeline in West
Virginia, Virginia, and North
Carolina
The one-time construction activity of the Atlantic Coast Pipeline can
inject an annual average of $456.3 million into the economy of the
three-state combined region of West Virginia, Virginia, and North
Carolina, supporting 2,873 annual jobs in the region from 2014 to
2019. When the pipeline is in full operation, the project is estimated
to have an annual impact in the three-state region of $69.2 million
that can support 271 regional jobs from 2019 onward. The project
can also generate significant tax revenue for three state
governments. This report does not quantify other significant benefits
that will be derived from construction of the project, including
additional opportunities for new manufacturing, greater stability in
energy prices, and environmental improvements through the
increased use of cleaner-burning natural gas as a source of electric
generation.
Prepared
for Dominion Resources
Cleveland, Ohio
1025 East Huron Road
Cleveland, Ohio 44115
216.357.4730 (phone)
216.357.4730 (fax)
Richmond, Virginia
1309 East Cary Street
Richmond, Virginia 23219
804.649.1107 (phone)
804.644.2828 (fax)
2. Table of Contents
1. EXECUTIVE SUMMARY .................................................................................................................................................... 3
2. BACKGROUND ................................................................................................................................................................ 6
3. ECONOMIC IMPACT METHODOLOGY .............................................................................................................................. 8
4. ECONOMIC IMPACT OF THE ATLANTIC COAST PIPELINE IN THE THREE‐STATE REGION .................................................... 10
4.1. ONE‐TIME ECONOMIC IMPACT FROM CONSTRUCTION ................................................................................................................... 10
4.2. ECONOMIC IMPACT OF ONGOING OPERATION ............................................................................................................................. 12
4.3. FISCAL IMPACT FOR WEST VIRGINIA, VIRGINIA, AND NORTH CAROLINA STATE GOVERNMENTS ............................................................. 13
4.3.1. Tax Revenue from Capital Expenditure ...................................................................................................................... 13
4.3.2. Tax Revenue from Operation ...................................................................................................................................... 14
5. ECONOMIC IMPACT OF THE ATLANTIC COAST PIPELINE IN INDIVIDUAL STATES .............................................................. 16
5.1. ECONOMIC IMPACT IN WEST VIRGINIA ....................................................................................................................................... 16
5.1.1. One‐Time Economic Impact of Construction .............................................................................................................. 16
5.1.2. Economic Impact of Ongoing Operation .................................................................................................................... 16
5.1.3. Fiscal Impact for the State Government ..................................................................................................................... 17
5.2. ECONOMIC IMPACT IN VIRGINIA ................................................................................................................................................ 17
5.2.1. One‐Time Economic Impact of Construction .............................................................................................................. 17
5.2.2. Economic Impact of Ongoing Operation .................................................................................................................... 18
5.2.3. Fiscal Impact for the State Government ..................................................................................................................... 18
5.3. ECONOMIC IMPACT IN NORTH CAROLINA .................................................................................................................................... 19
5.3.1. One‐Time Economic Impact of Construction .............................................................................................................. 19
5.3.2. Economic Impact of Ongoing Operation .................................................................................................................... 19
5.3.3. Fiscal Impact for the State Government ..................................................................................................................... 20
6. CONCLUSION ................................................................................................................................................................. 21
APPENDIX: IMPACT STUDY GLOSSARY ............................................................................................................................... 22
2 Copyright, 2014 Chmura
3. 1. Executive Summary
The Atlantic Coast Pipeline (ACP) is a major interstate natural gas pipeline construction and operation
initiative proposed by Dominion Resources (Dominion) and three other major U.S. energy companies—
Duke Energy, Piedmont Natural Gas, and AGL Resources. The project involves constructing about 550
miles of natural gas pipeline, as well as three compressor stations and other associated facilities across
three states—West Virginia, Virginia, and North Carolina. Total capital expenditures for this project are
estimated to be $4.6 billion.1 The development of ACP will occur from 2014 to 2019, with operation
commencing in late 2018. A project of such magnitude will have significant impact in the three states
along the pipeline.2
The impact of the Atlantic Coast Pipeline in the three-state combined region is as follows:
From 2014 through 2019, capital spending on ACP can generate an annual average of $456.3
million in economic impact (including direct, indirect, and induced) in the three-state region,
supporting 2,873 jobs per year. The cumulative impact of construction is estimated to be $2.7
billion that can support 17,240 cumulative jobs in the three-state region.
From 2019 onward, ongoing operation can produce a total of $69.2 million in annual economic
impact (including direct, indirect, and induced) in the three-state region, supporting a total of 271
jobs annually.
Ongoing operation of the pipeline can generate annual tax revenue of $418,443 from 2019
onward for the three state governments. Capital expenditure can also generate an annual
average of $4.2 million in total tax revenue for the three state governments from 2014 to 2019.
The economic impact of the Atlantic Coast Pipeline in the state of West Virginia is as follows:
Among total capital expenditure of $4.6 billion, an estimated $882.6 million will be spent in West
Virginia. From 2014 through 2019, capital spending on ACP can generate an annual average of
$79.8 million in economic impact (including direct, indirect, and induced) in West Virginia,
supporting 516 jobs per year. The cumulative impact of construction is estimated to be $478.7
million that can support 3,093 cumulative jobs in the state.
From 2019 onward, ongoing operation can produce a total of $15.6 million in annual economic
impact (including direct, indirect, and induced) in West Virginia, supporting a total of 74 jobs
annually.
1 The $4.6 billion in capital expenditures used in this study is at the lower end of the range of $4.5 billion to $5 billion stated by
the partnership in its September 2, 2014 news release on the project. The cost allocations used in this study are based on
reasonable estimates at the time of the development of this report and are subject to modification as the project advances.
2 The study area is defined as the states of West Virginia, Virginia, North Carolina, and the three-state combined region.
3 Copyright, 2014 Chmura
4. Ongoing operation of the project can generate annual tax revenue of $113,678 from 2019 onward
for the state government. Capital expenditure can also generate an annual average of $661,059
in total tax revenue for the state from 2014 to 2019.
The economic impact of the Atlantic Coast Pipeline in the state of Virginia is as follows:
Of $4.6 billion in total capital expenditure, $2.5 billion is estimated to be spent in Virginia. From
2014 through 2019, capital spending on ACP can generate an annual average of $236.5 million in
economic impact (including direct, indirect, and induced) in Virginia, supporting 1,462 jobs per
year. The cumulative impact of construction is estimated to be $1.4 billion that can support 8,774
cumulative jobs in the state.
From 2019 onward, ongoing operation of ACP can produce a total of $37.8 million in annual
economic impact (including direct, indirect and induced) in Virginia, supporting a total of 118 jobs
annually.
Ongoing operation can generate annual tax revenue of $233,027 from 2019 onward for the state
government. Capital expenditure can also generate an annual average of $2.4 million in total tax
revenue for the state from 2014 to 2019.
The economic impact of the Atlantic Coast Pipeline in the state of North Carolina is as follows:
Of the total $4.6 billion in capital expenditure, $1.2 billion is estimated to be spent in North
Carolina. From 2014 through 2019, capital spending on ACP can generate an annual average of
$113.4 million in economic impact (including direct, indirect, and induced) in North Carolina,
supporting 738 jobs per year. The cumulative impact of construction is estimated to be $680.2
million that can support 4,426 cumulative jobs in the state.
From 2019 onward, ongoing operation can produce a total of $11.7 million in annual economic
impact (including direct, indirect, and induced) in North Carolina, supporting a total of 52 jobs
annually.
Ongoing operation can generate annual tax revenue of $71,738 from 2019 onward for the state
government. Capital expenditure can also generate an annual average of $1.1 million in total tax
revenue for the state from 2014 to 2019.
Additionally, this study does not include estimates, on either a statewide or local basis, of local property
taxes on Atlantic Coast Pipeline facilities. However, these taxes are likely to provide an important and
stable source of revenue for local governments once the pipeline begins operations.
Economic impact of the Atlantic Coast Pipeline in all three states as well as the combined region is
summarized in Table 1.1.
4 Copyright, 2014 Chmura
5. Table 1.1: Atlantic Coast Pipeline Impact Summary
Direct
Impact
Total
Impact
State Tax
Revenue
West Virginia
Onetime Capital Expenditure (Annual
Average, 2014‐2019)
Spending ($Million) $49.3 $79.8 $661,059
Employment 299 516
Ongoing Operation (Annual 2019 Onward) Spending ($Million) $9.4 $15.6 $113,678
Employment 24 74
Virginia
Onetime Capital Expenditure (Annual
Average, 2014‐2019)
Spending ($Million) $140.2 $236.5 $2,439,441
Employment 827 1,462
Ongoing Operation (Annual 2019 Onward) Spending ($Million) $24.3 $37.8 $233,027
Employment 39 118
North Carolina
Onetime Capital Expenditure (Annual
Average, 2014‐2019)
Spending ($Million) $68.3 $113.4 $1,063,354
Employment 430 738
Ongoing Operation (Annual 2019 Onward) Spending ($Million) $7.6 $11.7 $71,738
Employment 18 52
Three‐State
Regional
Onetime Capital Expenditure (Annual
Average, 2014‐2019)
Spending ($Million) $257.8 $456.3 $4,163,854
Employment 1,557 2,873
Ongoing Operation (Annual 2019 Onward) Spending ($Million) $41.3 $69.2 $418,443
Employment 82 271
Note: Numbers may not sum due to rounding
Source: Chmura Economics & Analytics
5 Copyright, 2014 Chmura
6. 2. Background
The Atlantic Coast Pipeline (ACP) is a major interstate natural gas pipeline construction and operation
initiative proposed by Dominion Resources (Dominion) and three other major U.S. energy partners—
Duke Energy, Piedmont Natural Gas, and AGL Resources. The project involves constructing about 550
miles of natural gas pipeline, as well as compressor stations and associated facilities across three
states—West Virginia, Virginia, and North Carolina (Figure 2.1). This pipeline will transport and supply
shale gas from West Virginia to major customers such as power plants and other businesses in Virginia
and North Carolina. By providing a new independent gas pipeline in the region, the project can increase
flexibility and reliability of the gas supply for businesses and residents. More importantly, an alternative
gas pipeline will allow for competition, thus potentially lowering gas prices for customers. In addition, the
gas pipeline will pass through new areas which could generate economic development opportunities for
communities along the pipeline.
The project team plans to submit a pre-filing request to the Federal Energy Regulatory Commission
(FERC) in Fall 2014 and file an official FERC application in Summer 2015. Upon approval, the
construction would start in Fall 2016 with completion in late 2018.
An economic and fiscal impact assessment was requested by Dominion to understand the impact of the
Atlantic Coast Pipeline in West Virginia, Virginia, and North Carolina. Dominion contracted Chmura
Economics & Analytics (Chmura) to conduct this study.
The remainder of this report is organized as follows:
Section 3 explains the Chmura methodology for economic and fiscal impact analysis
Section 4 analyzes the economic and fiscal impact of the Atlantic Coast Pipeline in the three-state
combined region
Section 5 estimates the economic and fiscal impact of the Atlantic Coast Pipeline in the individual
states of West Virginia, Virginia, and North Carolina
Section 6 offers a summary and conclusion
Below is a map of the Atlantic Coast Pipeline in the study corridor.
6 Copyright, 2014 Chmura
7. Figure 2.1: Map of the Atlantic Coast Pipeline
7 Copyright, 2014 Chmura
8. 3. Economic Impact Methodology
The economic impact of the Atlantic Coast Pipeline on regional and state economies will occur in two
phases:
1. The one-time economic impact from project construction. The impact includes activities such as:
construction of the new pipeline, compressor stations and associated facilities; design and
preparation of the project; and equipment installation.
2. The ongoing operation of the natural gas pipeline. The impact comes primarily from revenue
generated from transporting and distributing natural gas to businesses and residential customers.
While the two components above constitute the direct economic impact of the Atlantic Coast Pipeline,
total economic impact also includes ripple effects from the direct impact. Ripple effects, categorized as
indirect and induced impacts,3 measure secondary benefits that can be generated by project construction
and operation. Using pipeline construction as an example, the indirect impact is increased sales and
employment that occur for local businesses that sell supplies and services to the construction
companies, such as truck transportation, construction materials suppliers, and equipment rentals. The
induced impact is increased sales and employment that occur in local communities when construction
workers spend their wages. The benefactors of induced impact are primarily consumer-related
businesses such as retail stores, restaurants, and personal services.4
Figure 3.1: Economic Impact Analysis Framework
Construction Expenditure (One-Time)
Ongoing Operation (Onward)
+ Ripple Effects
(Indirect and Induced Impacts)
= Total Economic Impact
3 See the appendix for terms and definitions.
4 In analyzing the state impact, ripple effects only capture benefits to state businesses from direct spending in each state.
8 Copyright, 2014 Chmura
9. Background data for the direct impact, such as operational cost and capital expenditure, were provided
by Dominion. Indirect and induced impacts were estimated with IMPLAN Pro5 software after the direct
impact was identified. Total operational cost and capital expenditure were input into the various IMPLAN
model sectors to estimate indirect and induced impacts for each sector. These impacts were aggregated
to yield estimates of the overall economic impact of the Atlantic Coast Pipeline in three states, and the
three-state combined region.
In addition to the spending and employment impact, this study also estimates the fiscal impact of the
Atlantic Coast Pipeline on state governments. In terms of the ongoing operation of the gas pipeline, state
governments will collect individual and corporate income tax revenue from the project. During
construction, three state governments can benefit from individual and corporate income tax from capital
expenditure, paid by contractors.
5 IMPLAN Professional is an economic impact assessment modeling system developed by the Minnesota IMPLAN Group that is
often used by economists to build economic models that estimate the impacts of economic changes in local economies.
9 Copyright, 2014 Chmura
10. 4. Economic Impact of the Atlantic Coast Pipeline in the
Three-State Region
4.1. One-Time Economic Impact from Construction
The Atlantic Coast Pipeline is an undertaking that requires a significant amount of capital investment
spanning multiple years. The project involves constructing 548 miles of interstate natural gas pipeline.
More than half the pipeline (292 miles) will be situated in Virginia, 78 miles will be in West Virginia, and
178 miles will be in North Carolina. Outside the main pipeline, the project also involves construction of
three compressor stations (one in each state), as well as eight measurement and regulation (M&R)
stations. West Virginia will host two M&R stations, while Virginia and North Carolina will each have three
M&R stations.
Table 4.1: Atlantic Coast Pipeline Structure Summary
West Virginia Virginia North Carolina Three‐State Total
Pipeline (Miles) 78.0 292.1 178.0 548.1
Compressor Stations 1 1 1 3
Measurement & Regulation (M&R) Stations 2 3 3 8
Source: Dominion
Preliminary estimates show that the total cost of the project is estimated to be $4.6 billion. Spending is
expected to occur from 2014 to 2019, with the largest portion spent in both 2017 and 2018 (Table 4.2). In
terms of geographic distribution, Virginia will receive over half of the total capital investment since half of
the pipeline will be located there.
Table 4.2: Capital Investment of the Atlantic Coast Pipeline
2014 2015 2016 2017 2018 2019 Total
West Virginia $5.8 $34.4 $135.6 $260.6 $437.7 $8.5 $882.6
Virginia $18.6 $107.0 $416.7 $670.3 $1,233.1 $24.9 $2,470.7
North Carolina $8.8 $51.4 $198.1 $345.0 $616.8 $12.9 $1,233.1
Total $33.2 $192.9 $750.4 $1,276.0 $2,287.6 $46.3 $4,586.4
Source: Dominion
Note: Numbers may not sum due to rounding
Total capital expenditure will be used to acquire land, construct the pipeline, and construct the
compressor and M&R stations. Of the total capital expenditure, 82% is expected to be spent on
constructing pipelines (including the cost of purchasing pipes), 8% on the construction of compressor
10 Copyright, 2014 Chmura
11. stations, and 2% on the construction of M&R stations (Figure 4.1). In addition, it is expected that over
$300 million would be spent (8% of total cost) to acquire land in the three states.6
Figure 4.1: Construction Cost Breakdown
Land Acquisition
Pipeline
82%
M&R Stations;
Other Costs
Compressor
Stations
8%
2%
8%
Source: Dominion
Although the project team will use regional firms for supplies and services whenever possible, not every
product and service needed for pipeline construction is available in West Virginia, Virginia, or North
Carolina. Consequently, some of the services and products will be purchased from firms outside the
three-state region. Chmura used information from Dominion to estimate the percentage of capital
expenditure that will be spent within the region. At the state level, for example, since the pipeline mills will
be located outside the three-state region, the purchase of gas pipes will go to firms outside the region.
However, it is estimated that 50% of construction labor cost will be spent within the region. For the
compressor and M&R stations, it is estimated that 5% of the equipment will be purchased from
businesses located within the three-state region.7
Table 4.3 details the estimated one-time economic impact of capital spending of the Atlantic Coast
Pipeline in the three-state region.8 From 2014 to 2019, estimated spending activities associated with the
project could generate $1.5 billion in cumulative direct economic impact in the region. This would directly
create 9,343 cumulative jobs during the construction period. The indirect impact in the three-state region
is estimated to total $551.7 million and could support 3,380 cumulative jobs from 2014 through 2019 for
firms supporting pipeline and related facility construction, such as site preparation and truck
transportation. The induced impact is expected to produce $639.3 million in spending that would support
4,517 cumulative jobs in the three-state region during the construction phase. The induced jobs are
6 Source: Dominion. The land cost represents a transfer of property whose economic impact is uncertain. It is a best practice in
economic impact studies to exclude land cost in the economic impact analysis.
7 Source: Dominion.
8 The economic impact in each state is analyzed in Section 5.
11 Copyright, 2014 Chmura
12. concentrated in consumer service-related industries such as restaurants, professional and personal
services, and retail stores.
Table 4.3: One‐Time Economic Impact of Construction of the Atlantic Coast Pipeline
in the Three‐State Region
Direct Indirect Induced Total
Total
(2014‐2019)
Spending ($Million) $1,546.9 $551.7 $639.3 $2,737.9
Employment 9,343 3,380 4,517 17,240
Annual Average
(2014‐2019)
Spending ($Million) $257.8 $91.9 $106.6 $456.3
Employment 1,557 563 753 2,873
Note: Impacts are measured in the year when they occur. Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion, and Chmura
The above numbers represent the six-year cumulative economic impact. On an annual average basis,
construction activities of the Atlantic Coast Pipeline are expected to inject $456.3 million (including direct,
indirect, and induced impacts) into the economy of the three-state region and support 2,873 jobs from
2014 through 2019. Of this, is an estimated annual direct impact of $257.8 million in spending that could
support 1,557 jobs. The annual indirect impact is estimated to be $91.9 million in spending that could
support 563 jobs, and the annual induced impact is estimated to be $106.6 million in spending that could
support 753 jobs. The economic impact of each year varies, depending on the investment volume and
spending categories.
4.2. Economic Impact of Ongoing Operation
From November 2018 onward, the economic impact of the Atlantic Coast Pipeline will come from its
ongoing operation. The annual economic impact is estimated for 2019, which is the first full year of
operation. The project will employ approximately 82 permanent workers in the region—24 in West
Virginia, 39 in Virginia, and 18 in North Carolina.9 Those jobs will be located at the compressor stations
as well as in the transmission offices. To simulate the economic effects of ongoing project operation,
modeling is based upon IMPLAN sector 337, which corresponds to the North American Industry
Classification System (NAICS) code 486: pipeline transportation.
The economic impact of the Atlantic Coast Pipeline’s ongoing operation is presented in Table 4.4. The
estimated total annual economic impact (direct, indirect, and induced) is $69.2 million (measured in 2019
dollars), which could support 271 jobs in the three-state region. In terms of direct impact, ongoing
operation is estimated to have an annual direct spending impact of $41.3 million10 while employing 82
workers. An additional indirect impact of $15.3 million and 99 jobs will benefit other regional businesses
9 Source: Dominion.
10 The direct spending figure represents gross sales of the Atlantic Coast Pipeline estimated by the IMPLAN model, with the
input of total labor and operational cost supplied by Dominion. The model treats ACP as a stand-alone business. As a result, this
figure includes spending on labor, equipment maintenance, routine capital expenditure, supplies, and profits.
12 Copyright, 2014 Chmura
13. that support operation, such as equipment maintenance and repair. The number of jobs created due to
the induced impact is estimated to be 90 with associated annual spending of $12.6 million. The induced
impact is generated when employees spend their income at restaurants, personal services, retail stores,
and similar establishments.
Table 4.4: Annual Economic Impact of the Atlantic Coast Pipeline’s Ongoing Operation
in the Three‐State Region (2019 Dollars)
Direct Indirect Induced Total Impact
Spending ($Million) $41.3 $15.3 $12.6 $69.2
Employment 82 99 90 271
Note: Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion, and Chmura
4.3. Fiscal Impact for West Virginia, Virginia, and North Carolina State Governments
Capital expenditure and ongoing operation of the Atlantic Coast Pipeline will also generate tax revenue
for the state governments of West Virginia, Virginia, and North Carolina. Major tax revenue for the state
governments will come from state individual and corporate income tax. Table 4.5 illustrates the tax rates
for the three states.11 To be conservative, only tax revenue from the direct impact is estimated in this
section.12
Table 4.5: State Income Tax Rates
Individual Rate Corporate Rate
West Virginia 3.0%‐6.5% 6.50%
Virginia 2.0%‐5.75% 6.00%
5.80% in 2014, 5.75%
North Carolina
from 2015 onward
6.00% in 2014, 5.00%
from 2015 onward
Source: The Tax Foundation
4.3.1. Tax Revenue from Capital Expenditure
During the construction phase, the three state governments are expected to receive a total of $24.0
million in individual income tax revenue and $1.0 million in corporate income tax revenue from 2014
through 2019 (Table 4.6). To arrive at this estimate, Chmura first estimated the percentage of total
capital expenditure that is paid as labor cost and then estimated the percentage that would be corporate
11 Virginia and West Virginia have a progressive individual income tax, with earnings in different income brackets subject to
different tax rates. The rate used in this study is based on the assumed wages of construction and pipeline workers. North
Carolina passed a tax reform in 2013 which reduced corporate income tax rate, and implemented a flat individual income tax
rate.
12 This approach is recommended by Burchell and Listokin in The Fiscal Impact Handbook. Source: Burchell, R.W. and D.
Listokin. 1978. The Fiscal Impact Handbook: Estimating Local Costs and Revenues of Land Development. Center for Urban
Policy Research. New Brunswick, NJ: Rutgers, The State University of New Jersey.
13 Copyright, 2014 Chmura
14. profit for businesses involved in the Atlantic Coast Pipeline. For example, for construction businesses,
the IMPLAN model estimates that 34.5% of total revenue is paid as employment compensation while
1.4% of total revenue is profit. Chmura applied those percentages to the total capital expenditure before
applying state individual and corporate income tax rates.
Table 4.6: Tax Revenue for State Government from Capital Expenditure
Cumulative Annual Average
West Virginia
Individual Income Tax $3,813,782 $635,630
Corporate Income Tax $152,574 $25,429
State Total $3,966,356 $661,059
Virginia
Individual Income Tax $14,108,726 $2,351,454
Corporate Income Tax $527,919 $87,986
State Total $14,636,645 $2,439,441
North Carolina
Individual Income Tax $6,063,321 $1,010,554
Corporate Income Tax $316,805 $52,801
State Total $6,380,126 $1,063,354
Three‐State
Total
Individual Income Tax $23,985,829 $3,997,638
Corporate Income Tax $997,298 $166,216
Regional Total $24,983,127 $4,163,854
Source: Chmura Economics & Analytics
On an annual average basis, the three state governments can receive $4.2 million in tax revenue per
year from capital investment activities from 2014 through 2019. Of this total, annual tax revenue of $2.4
million will go to Virginia’s state government, $1.1 million to North Carolina’s state government, and $0.7
million to West Virginia’s state government.
4.3.2. Tax Revenue from Operation
After the Atlantic Coast Pipeline is in operation, the states through which it traverses are expected to
receive $418,443 per year from individual income tax—based on the estimated wages of workers in
compressor stations, transmission offices, and corporate offices. Among the three state governments,
Virginia would receive $233,027 per year, West Virginia would receive $113,678 per year, and North
Carolina would receive $71,838 per year.13
13 The corporate income tax paid by ACP to the three state governments is not included in this analysis.
14 Copyright, 2014 Chmura
15. Table 4.7: Tax Revenue for State Governments from Pipeline Operation
Annual Average (2019 Onward)
West Virginia Individual Income Tax $113,678
Virginia Individual Income Tax $233,027
North Carolina Individual Income Tax $71,838
Three‐State Total Individual Income Tax $418,443
Source: Chmura Economics & Analytics
15 Copyright, 2014 Chmura
16. 5. Economic Impact of the Atlantic Coast Pipeline in
Individual States
5.1. Economic Impact in West Virginia
5.1.1. One-Time Economic Impact of Construction
Of $4.6 billion in total capital expenditure, $882.6 million is expected to be spent in the state of West
Virginia. Using the same assumptions of in-state/out-of-state spending, Table 5.1 details the estimated
one-time economic impact of capital spending in West Virginia. From 2014 through 2019, it is estimated
that spending activities associated with the project could generate $295.9 million in cumulative direct
economic impact in the state. This would directly create 1,796 cumulative jobs during the construction
period. The indirect impact in West Virginia is estimated to total $84.0 million and could support 531
cumulative jobs from 2014 through 2019 for firms supporting the pipeline and related facility construction.
The induced impact is expected to produce $98.8 million in spending that would support 767 cumulative
jobs in West Virginia. On an annual average basis, construction activities of the Atlantic Coast Pipeline
are expected to inject $79.8 million (including direct, indirect, and induced impacts) into the economy of
West Virginia and support 516 jobs from 2014 to 2019.
Table 5.1: One‐Time Economic Impact of Construction
of the Atlantic Coast Pipeline in West Virginia
Direct Indirect Induced Total
Total
(2014‐2019)
Spending ($Million) $295.9 $84.0 $98.8 $478.7
Employment 1,796 531 767 3,093
Annual Average
(2014‐2019)
Spending ($Million) $49.3 $14.0 $16.5 $79.8
Employment 299 88 128 516
Note: Impacts are measured in the year when they occur. Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion, and Chmura
5.1.2. Economic Impact of Ongoing Operation
The economic impact of the Atlantic Coast Pipeline’s ongoing operation in West Virginia is presented in
Table 5.2. The estimated total annual economic impact (direct, indirect, and induced) is $15.6 million
(measured in 2019 dollars), which could support 74 jobs in the state. In terms of direct impact, ongoing
operation of the project is estimated to have an annual direct impact of $9.4 million while employing 24
workers.14 The employment represents workers located in the compressor station as well as those in
transmission support and in corporate positions. An additional indirect impact of $3.8 million and 26 jobs
14 The West Virginia portion of the pipeline may not directly generate cash revenue. This number is estimated by allocating
overall revenue into three states based on employment and operational cost.
16 Copyright, 2014 Chmura
17. will benefit other West Virginia businesses that support the operation. The number of jobs created due to
the induced impact is expected to be 24 with an associated annual spending of $2.4 million.
Table 5.2: Annual Economic Impact of the Atlantic Coast Pipeline’s Ongoing Operation
in West Virginia (2019 Dollars)
Direct Indirect Induced Total Impact
Spending ($Million) $9.4 $3.8 $2.4 $15.6
Employment 24 26 24 74
Note: Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion, and Chmura
5.1.3. Fiscal Impact for the State Government
Capital expenditure and ongoing operation of the Atlantic Coast Pipeline will also generate tax revenue
for West Virginia’s state government.
During the construction phase from 2014 through 2019, the state government is expected to receive an
annual average of $635,630 in individual income tax revenue and $25,429 in corporate income tax
revenue, for a total of $661,059 per year (Table 5.3). After the pipeline is in operation, the West Virginia
government is expected to receive $113,678 per year from individual income tax.
Table 5.3: Tax Revenue for State Government‐West Virginia
Cumulative Annual Average
Construction
(2014‐2019)
Individual Income Tax $3,813,782 $635,630
Corporate Income Tax $152,574 $25,429
Total Construction $3,966,356 $661,059
Operation
(2019 Onward)
Individual Income Tax $113,678
Total Operation $113,678
Source: Chmura Economics & Analytics
5.2. Economic Impact in Virginia
5.2.1. One-Time Economic Impact of Construction
Of the total $4.6 billion in capital expenditure, $2.5 billion is expected to be spent in the state of Virginia.
Using the same assumptions of in-state/out-of-state spending, Table 5.4 details the project’s estimated
one-time economic impact of capital spending in Virginia. From 2014 through 2019, it is estimated that
spending activities associated with the project can generate $841.3 million in cumulative direct economic
impact in the state. This would directly create 4,965 cumulative jobs during the construction period. The
indirect impact in Virginia is estimated to total $266.1 million which could support 1,602 cumulative jobs
from 2014 through 2019 for firms supporting the pipeline and related facility construction. The induced
impact is expected to produce $311.5 million in spending that would support 2,207 cumulative jobs in
Virginia. On an annual average basis, construction activities of the Atlantic Coast Pipeline are expected
to inject $236.5 million (including direct, indirect, and induced impacts) into the economy of Virginia and
support 1,462 jobs from 2014 to 2019.
17 Copyright, 2014 Chmura
18. Table 5.4: One‐Time Economic Impact of Construction
of the Atlantic Coast Pipeline in Virginia
Direct Indirect Induced Total
Total
(2014‐2019)
Spending ($Million) $841.3 $266.1 $311.5 $1,418.9
Employment 4,965 1,602 2,207 8,774
Annual Average
(2014‐2019)
Spending ($Million) $140.2 $44.4 $51.9 $236.5
Employment 827 267 368 1,462
Note: Impacts are measured in the year when they occur. Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion, and Chmura
5.2.2. Economic Impact of Ongoing Operation
The economic impact of the Atlantic Coast Pipeline’s ongoing operation in Virginia is presented in Table
5.5. The estimated total annual economic impact (direct, indirect, and induced) of ongoing operation is
$37.8 million (measured in 2019 dollars), which can support 118 jobs in the state. The estimated annual
direct impact is $24.3 million, supporting 39 jobs. An additional indirect impact of $7.6 million and 42 jobs
will benefit other regional businesses that support ACP operation. The number of positions created due
to the induced impact is estimated to be 37 with associated annual spending of $5.9 million.
Table 5.5: Annual Economic Impact of the Atlantic Coast Pipeline’s Ongoing Operation
in Virginia (2019 Dollars)
Direct Indirect Induced Total Impact
Spending ($Million) $24.3 $7.6 $5.9 $37.8
Employment 39 42 37 118
Note: Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion, and Chmura
5.2.3. Fiscal Impact for the State Government
Similarly, capital expenditure and ongoing operation of the Atlantic Coast Pipeline will generate tax
revenue for Virginia’s state government.
During the construction phase from 2014 through 2019, the state government is expected to receive an
annual average of $2.4 million in individual income tax revenue and $87,986 in corporate income tax
revenue, for a total of $2.4 million per year (Table 5.6). After the pipeline is in operation, the Virginia state
government is expected to receive $233,027 per year from individual income tax.
Table 5.6: Tax Revenue for State Government‐Virginia
Cumulative Annual Average
Construction
(2014‐2019)
Individual Income Tax $14,108,726 $2,351,454
Corporate Income Tax $527,919 $87,986
Total Construction $14,636,645 $2,439,441
Operation
(2019 Onward)
Individual Income Tax $233,027
Total Operation $233,027
Source: Chmura Economics & Analytics
18 Copyright, 2014 Chmura
19. 5.3. Economic Impact in North Carolina
5.3.1. One-Time Economic Impact of Construction
Of total capital expenditure of $4.6 billion, an estimated $1.2 billion will be spent in the state of North
Carolina. Using the same assumptions of in-state/out-of-state spending, Table 5.7 details the estimated
one-time economic impact of capital spending in North Carolina. From 2014 through 2019, it is estimated
that spending activities associated with the project could generate $409.7 million in cumulative direct
economic impact in the state. This would directly create 2,582 cumulative jobs during the construction
period. The indirect impact in North Carolina is estimated to total $128.9 million and can support 812
cumulative jobs from 2014 through 2019. The induced impact is expected to produce $141.6 million in
spending that would support 1,032 cumulative jobs in North Carolina. On an annual average basis,
construction activities of the Atlantic Coast Pipeline are expected to inject $113.4 million (including direct,
indirect, and induced impacts) into the economy of North Carolina and support 738 jobs from 2014
through 2019.
Table 5.7: One‐Time Economic Impact of Construction
of the Atlantic Coast Pipeline in North Carolina
Direct Indirect Induced Total
Total
(2014‐2019)
Spending ($Million) $409.7 $128.9 $141.6 $680.2
Employment 2,582 812 1,032 4,426
Annual Average
(2014‐2019)
Spending ($Million) $68.3 $21.5 $23.6 $113.4
Employment 430 135 172 738
Note: Impacts are measured in the year when they occur. Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion, and Chmura
5.3.2. Economic Impact of Ongoing Operation
The economic impact of the Atlantic Coast Pipeline’s ongoing operation in North Carolina is presented in
Table 5.8. The estimated total annual economic impact (direct, indirect, and induced) is $11.7 million
(measured in 2019 dollars), which can support 52 jobs in the state. In terms of direct impact, the ongoing
operation is estimated to have an annual direct impact of $7.6 million while employing 18 workers. An
additional indirect impact of $2.2 million and 18 jobs will benefit other regional businesses that support
operation. The number of jobs created due to the induced impact amounts to 16 with associated annual
spending of $1.9 million.
Table 5.8: Annual Economic Impact of the Atlantic Coast Pipeline’s Ongoing Operation
in North Carolina (2019 Dollars)
Direct Indirect Induced Total Impact
Spending ($Million) $7.6 $2.2 $1.9 $11.7
Employment 18 18 16 52
Note: Numbers may not sum due to rounding
Source: IMPLAN Pro 2012, Dominion,, and Chmura
19 Copyright, 2014 Chmura
20. 5.3.3. Fiscal Impact for the State Government
For North Carolina, during the construction phase from 2014 through 2019, the state government is
expected to receive an annual average of $1.0 million in individual income tax revenue and $52,801 in
corporate income tax revenue, for a total of $1.1 million per year (Table 5.9). After the pipeline is in
operation, the North Carolina state government is expected to receive $71,738 per year from individual
income tax.
Table 5.9: Tax Revenue for State Government‐ North Carolina
Cumulative Annual Average
Construction (2014‐2019)
Individual Income Tax $6,063,321 $1,010,554
Corporate Income Tax $316,805 $52,801
Total Construction $6,380,126 $1,063,354
Operation (2019 Onward) Individual Income Tax $71,738
Total Operation $71,738
Source: Chmura Economics & Analytics
20 Copyright, 2014 Chmura
21. 6. Conclusion
In conclusion, the Atlantic Coast Pipeline will generate significant economic impact in three states along
the pipeline in West Virginia, Virginia, and North Carolina. From 2014 through 2019, capital spending on
ACP could generate an annual average of $456.3 million in economic impact (including direct, indirect,
and induced) for the three-state region, supporting 2,873 jobs per year. The cumulative impact of
construction is estimated to be $2.7 billion that can support 17,240 cumulative jobs in the three-state
region. From 2019 onward, ongoing operation of the pipeline project could produce a total of $69.2
million in annual economic impact (including direct, indirect and induced) in the three-state region,
supporting a total of 271 jobs annually. Ongoing operation can generate annual tax revenue of $418,443
from 2019 onward for the three state governments. Capital expenditure can also generate $25.0 million
in total tax revenue from 2014 through 2019.
Economic impact in each individual state varies, depending on a set of factors—such as the length of the
pipeline in each state, and how many compressor stations, M&R stations, other facilities, and the number
of employees located in each state. The tax revenue for state governments also depends on the tax rate
for each jurisdiction.
More importantly, with the booming natural gas exploration and extraction industry in the United States,
power companies are increasing usage of natural gas for electricity generation. Natural gas is an
environmentally responsible alternative to coal, since there is much less greenhouse gas emission.
Another advantage is that abundant natural gas supply keeps prices low for consumers. The trend is that
natural gas is playing an increasingly important role in supplying American electricity. Natural gas
pipelines such as the Atlantic Coast Pipeline are a critical component to ensure dependability of the
energy infrastructure in West Virginia, Virginia, and North Carolina.
21 Copyright, 2014 Chmura
22. Appendix: Impact Study Glossary
IMPLAN Professional is an economic impact assessment modeling system. It allows the user to build
economic models to estimate the impact of economic changes in states, counties, or communities. It was
created in the 1970s by the Forestry Service and is widely used by economists to estimate the impact of
specific events on the overall economy.
Input-Output Analysis—an examination of business-business and business-consumer economic
relationships capturing all monetary transactions in a given period, allowing one to calculate the effects of
a change in an economic activity on the entire economy (impact analysis).
Direct Impact—economic activity generated by a project or operation. For construction, this represents
activity of the contractor; for operations, this represents activity by tenants of the property.
Overhead—construction inputs not provided by the contractor.
Indirect Impact—secondary economic activity that is generated by a project or operation. An example
might be a new office building generating demand for parking garages.
Induced (Household) Impact—economic activity generated by household income resulting from direct
and indirect impact.
Multiplier—the cumulative impact of a unit change in economic activity on the entire economy.
22 Copyright, 2014 Chmura