Vermont Business Magazine Secretary of Administration Sarah Clark released Vermont’s revenue results for December 2024. The General Fund, Transportation Fund and Education Fund all missed their respective monthly consensus cash flow target, as adopted by the Emergency Board at its July 2024 meeting.
The General Fund and the Transportation Fund remain comfortably ahead of target for the first half of the fiscal year while the Education Fund remains slightly behind.
The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $279.6 million, lagging the $284.0 million monthly consensus target by $4.4 million, or 1.6%.
Total General Fund revenues for December were $196.4 million, -$2.3 million, or -1.2%, below the $198.7 million monthly consensus cash flow target. Small misses in the personal income tax and corporate income tax were largely responsible for the underperformance relative to target. This was partly offset by higher than anticipated receipts in the Meals and Rooms tax.
Revenues in the Transportation Fund underperformed their $25.0 million December consensus target by $0.17 million, or 0.7%, yielding $24.8 million in total with the Gas and Diesel component revenues lagging their individual targets, partially offset by better performance in the Purchase and Use and Fees components.
Monthly Education Fund revenues of $58.4 million were $1.9 million, or 3.2%, below their December $60.3 million cash flow target. This was largely due to below forecast receipts in the Sales and Use Tax component, which was partially offset by higher than forecast receipts in Meals and Rooms and Purchase and Use Taxes.
Clark said: “December marked a small, across-the-board reversal of the trend over the first half of the state’s fiscal year of receipts exceeding targets. We enter the second half of the fiscal year in a solid financial position, although December’s results remind us that we operate in a fluid economic environment. As always, we have to be careful to control expenses in the event of a change in the flow of revenue.”
Source: Agency of Administration. February 3, 2025
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