Vermont Business Magazine For the second consecutive month, Personal Income, the state's most important revenue source, was again ahead of targets, leading to an overall positive month for taxes. General Fund revenues collected for the month of January totaled $165.86 million, $3.12 million above the consensus revenue targets adopted by the Emergency Board on January 19, 2017. The Corporate Income Tax missed its mark by -$1.65 million as did the Estate Tax by -$1.07 million. The Sales Tax was also down, while Rooms & Meals stayed just ahead of targets.
January marks the seventh month of FY2017. Through these first seven months, total receipts for the General Fund are $850.40 million versus a target of $847.28 million.
Administration Secretary Susanne Young said, “We are pleased to begin the second half of FY2017 ahead of projections, but realize one positive month does not make a trend, we will continue to monitor closely.”
The Transportation Fund collected $20.33 million for the month of January, +$0.31 million ahead of its $20.02 million target. This positive performance was driven by the Gasoline Tax and Other Taxes of +$0.47 million and +$0.64 respectively. Year to date, receipts in the Transportation Fund are $152.74 million vs. a target of $152.43.
The Education Fund collected $19.39 million for the month of December, missing its target by -$0.54 million.
Compared to revenues collected at this point in State FY 2016, there is an increase of 3.10%, or +$25.56 million in the Gen-eral Fund, a 2.50%, or $3.73 million increase in the Transportation Fund, and a +1.72%, or $1.90 million increase in the Education Fund.
