Vermont Business Magazine Secretary of Administration Sarah Clark today released Vermont’s revenue results for September 2025. The General Fund exceeded its monthly consensus cash flow target, as adopted by the Emergency Board at its July 2025 meeting, while the Transportation Fund and Education Fund missed their targets.
The state’s General Fund, Transportation Fund, and Education Fund receipts were a combined $341.8 million, $7.4 million, or 2.2%, higher than the $334.4 million monthly target in the consensus forecast adopted by the Emergency Board at its July 2025 meeting.
Total General Fund revenues for September were $250.2 million, $9.0 million or 3.7% above the $241.2 million monthly cash flow target, driven primarily by Personal Income Tax receipts that were $9.81 million, or 7.2%, above target.
Revenues in the Transportation Fund were slightly under their $28.5 million consensus target at $28.1 million, -$0.4 or 1.4% below target, driven by generally small monthly negative receipts across the various components.
Monthly Education Fund revenues of $63.4 million were -$1.2 million, or 1.9%, below their September cash flow target of $64.7 million, with four of five major fund sources (Sales and Use, Meals and Rooms, Motor Vehicle Purchase and Use, and Lottery Transfers) underperforming compared to their September cash flow target.
According to Secretary Clark: “The first quarter of fiscal year 2026 shows a continuation of a trend developed over the latter quarters of the prior fiscal year – that is, personal income taxes continue to exceed estimates and consumption-related taxes lag. That translates into solid performance for the General Fund and mild pressure on the Transportation and Education Funds.”
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