PRESS RELEASE
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State of Vermont
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2006-02-10T18:54:00Z
2006-02-10T18:54:00Z
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February 10, 2006
Montpelier, VT - Secretary of
Administration Michael K. Smith Announces January 2006 Revenue Results For The
State Of Vermont:
January General Fund Revenues Positive; Transportation Fund Revenues
again fall below projections.
General Fund
Secretary of Administration Michael
K. Smith today released General Fund revenue results for the month of January,
the seventh month of fiscal year 2006.
General Fund revenues totaled $135.20 million for January 2006, $5.66
million or 4.4% more than the $129.49 million consensus revenue target for the
month. January results were also $16.26
million (or +13.7%) higher than the solid General Fund revenues in January 2005. Year to date, General Fund revenues totaled $656.64
million. Secretary Smith noted, We were
relieved to once again exceed our newly revised General Fund target for the
month. It is important to note that the higher
than anticipated revenues in January were largely due to above target receipts
in both Personal and Corporate Income Tax revenues. The monthly targets reflect the most recent
fiscal year 2006 Consensus Revenue Forecast that was agreed to by the Emergency
Board on January 11, 2006. The States Consensus Revenue Forecast is
updated two times per year in January and July.
Monthly Personal Income Tax
receipts, which are reported Net-of-Personal Income Tax refunds, exceeded
target by $3.61 million (or 4.6 %) in January. Personal Income Tax Receipts, by far the
largest single state revenue source, were up 22.0% from January 2005. Secretary Smith also noted that the Corporate
Income Tax performed well during January.
The Corporate Income Tax exceeded target for the month (+$0.32 million, +12.6%).
The Sales and Use Tax surpassed
projections for January (+$0.70 million or +2.6%). Receipts in the Rooms and Meals Tax were
slightly above expectations as well (+$0.40 million or +0.4%). Both figures reflect actual purchases in
December, indicating a good holiday retailing season for the state, commented
Smith.
Among the other General Fund
revenue categories, Estate Tax receipts performed above the latest targets,
finishing $1.68 million ahead of projections in January.
General
Fund By Major Element (In Millions)
Tax Component
FY05 YTD
FY06 YTD
% Change
January-05
January-06
% Change