MONEY, MONEY, MONEY
Leonine Public Affairs The third week of the 2023 legislative session was all about the state budget. The week started with the January meeting of the Emergency Board (E-Board), which consists of the governor and the chairs of the Appropriations and Ways and Means committees in the House and the Appropriations and Finance committees in the Senate. The E-Board approves the official state revenue forecast, on which the state budget is built.
The new revenue forecast discussed by the E-Board showed that current state revenues remain strong. However, there are signs the economy is slowing, and state economists warned the E-Board they should be preparing for leaner years through the middle of the decade. State revenues continue to be driven by the unprecedented influx of federal funding over the past few years, but this funding is running out, and state economists are increasingly nervous about the outlook.
An overview of the revenue forecast can be found here.
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Source: Leonine Public Affairs, Montpelier, Legislative Report Week 3. Jan 20 2023. leoninepublicaffairs.com.
Through a special arrangement with Leonine, Vermont Business Magazine republishes Leonine's legislative report on vermontbiz.com.