Vermont Business Magazine Secretary of Administration Sarah Clark today released Vermont’s revenue results for October 2025. All three funds were below monthly consensus revenue expectations, although General Fund receipts remain ahead of target on a cumulative basis.
The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $287.0 million, representing collections -$4.9 million, or 1.68%, below the $291.9 million monthly target in the consensus forecast adopted by the Emergency Board at its July 2025 meeting.
Total General Fund revenues for October were $190.0 million, -$2.3 million or 1.2% below the $192.3 million monthly cash flow target, driven primarily by underperformance in Personal Income Tax, Meals & Rooms Tax, and Corporate Income Tax revenues.
Revenues in the Transportation fund were $25.9 million, representing collections -$2.0 million, or 7.3%, below target. Sluggish receipts in all sources other than the Diesel Fuel Tax ($0.1 million or 7.3% above consensus expectations of $1.5 million) contributed to the lag.
Monthly Education Fund revenues of $71.1 million were -$0.6 million, or 0.85%, below their October cash flow target of $71.7 million. All sources were below target other than Sales and Use Tax, which was $0.5 million, or 0.9%, above consensus expectations of $57.5 million.
According to Secretary Clark: “Continuing a trend held over from last year, cumulative General Fund performance remains positive despite a slowing in the month of October. The Education and Transportation Funds continue to experience pressure. Expectations for all three funds will be updated in January.”
Governor Scott and legislative leaders constituting the Emergency Board will meet in with the two state economists to set tax revenue expectations, from which the governor and Legislature will propose state budgets.
11.24.2025. Montpelier, VT – Secretary of Administration