Vermont Business Magazine Overall, General Fund (GF) revenues for the month of March were down by -$13.26 million or –13.94%, totaling $81.87 million vs. a monthly target of $95.12 million. This shortfall reflects a clearing out of the backlog of refunds that were not processed in Febru-ary due to fraud concerns. While Personal Income was down -$18.97 million (–71.68%) and Sales and Use and Meals and Rooms were off target by -$0.42 million and -$0.52 million respectfully, they were offset with an up in Corporate Tax +$6.94 million (+33.71%). With the evening out of the past two months, the General Fund finishes March ahead of the year to date forecast by + $1.78 million, or 0.18%. Compared to prior fiscal year, (FY2015), the current cumulative results for GF are +$29.07 million, or 3.01% ahead.
March is the ninth month of FY 2016. The fiscal year revenue targets were adopted by the Vermont Emergency Board on January 19, 2016.
The Transportation Fund (TF) had non-dedicated receipts for March totaling $24.79 million, surpassing the monthly target by +$1.99 million (+8.73%), resulting in cumulative year to date receipts of $190.38. Compared to the prior fiscal year (FY 2015), the current cumulative results for TF are +$4.15 million, or +2.23% ahead.
The Education Fund (EF) receipts for March were essentially on target due to mixed results among the components. The slightly negative component in the EF were Sales and Use at -$0.23 million and Lottery revenues at -$0.06 million. The Motor Vehicle Pur-chase and Use component completed March above its monthly target at +$0.32 million. Compared to prior fiscal year (FY2015), the current cumulative results for the EF are +$5.65 million, or +4.17%.
Secretary Johnson said, “ In spite of our extraordinarily warm winter weather, we are very pleased with our year to date results going into the all important month of April.”
