Vermont Business Magazine Governor Phil Scott today issued the following statement regarding the tax revenue report issued Tuesday, which shows an increasing surplus of funds. Scott, in the statement, then rails against the budget plan that the House passed also on Tuesday, which is now before the Senate. As it stands now, Scott is expected to veto that budget if it comes to his desk as is. Without a budget, state government will shut down on July 1.
Governor Scott: “According to the Agency of Administration’s May revenue report, issued Tuesday, the State is now expecting even more surplus revenue than was forecasted last month. In addition to the $44 million surplus projected through a consensus forecast last month, the Administration’s economist forecasts at least $11 million more in surplus revenue is likely.
“This means the State will now have about $55 million in surplus revenue, in addition to $34 million in unanticipated settlement funds and $82 million from organic growth and economic activity. That’s a total of $171 million more than we had last year, and yet legislative leaders continue to insist on imposing a statewide property tax rate hike on Vermonters.
“I simply cannot accept this, and I will continue to advocate for my plan to prevent this unnecessary increase while fully funding school budgets, and implementing reforms to keep property tax rates level for five years and reinvest in improving the quality of our education system.”