Vermont Business Magazine A lag in the personal income tax was more than offset by a strong showing with the corporate and rooms and the tourism-related meals taxes for the month of November. The sales tax and motor vehicle sales were also up. Motor fuels revenues, which have been problematic for several years, were down.
Secretary of Administration Kristin Clouser today released Vermont’s revenue results for November 2021. General, Transportation, and Education Fund revenues were slightly above target for the second month of the second quarter. Cumulative revenues remain above target for the year-to-date.
The State’s General Fund, Transportation Fund, and Education Fund receipts in November were a combined $188.3 million, or 3.2% above monthly consensus expectations. Cumulative revenues remain 3.0% above consensus revenue expectations for the first 5 months of the state’s fiscal year.
General Fund revenues collected for the month totaled $111.4 million, or $2.8 million above the monthly consensus revenue target.
Fiscal year-to-date, General Fund revenues were $689.9 million, exceeding their target by $27.2 million or 4.1%.
This month’s revenues showed a bounce back from October’s slight lag, and while personal income taxes, The GF’s most important revenue source, were slightly below monthly expectations. Other General Fund categories, notably meals and rooms and corporate income taxes, more than made up the difference.
The Transportation Fund was slightly above consensus expectations for the month, bringing in $22.2 million. Fiscal year-to-date, the T-Fund brought in $122.4 million which is $319 thousand or 0.3% below the consensus cash flow target.
Revenue into the T-Fund continued the familiar pattern of below target fuel taxes and above target Motor Vehicle Purchase and Use taxes and fees. Overall revenue into the T-Fund remains on target.
The Education Fund was $2.9 million or 5.5% above the monthly consensus target, having collected $54.7 million for the month.
For the first five months of the fiscal year, the Education Fund received $283.8 million, which is $5.2 million or 1.9% higher than the consensus target.
Secretary Clouser said: “Monthly receipts into the Ed Fund were positive in all categories - and significantly so in meals and rooms taxes and the lottery.”
Source: Montpelier, VT – Administration Agency 12.17.2021