Vermont Business Magazine Secretary of Administration Sarah Clark releases Vermont’s revenue results for May 2026. The General and Transportation Funds missed their monthly consensus targets while the Education Fund exceeded its monthly target.
The State’s General Fund, Transportation Fund, and Education Fund receipts totaled a combined $222.0 million, narrowly missing the $222.7 million monthly consensus target by $0.8 million, or 0.4%.
Total General Fund revenues were $134.5 million, which is -$2.9 million, or 2.1%, below the $137.4 million monthly consensus cash flow target. This monthly shortfall was driven primarily by the continued underperformance of the Corporate Tax (-$3.2M, or 50.3%, below target) and the Estate Tax (-$3.3M, or 91.43%, below target).
These declines were partially offset by another strong month of Personal Income Tax collections, which came in $2.7 million, or 4.1%, above target. Personal Income receipts now show a cumulative overperformance of $28.9 million and continue to be the principal driver maintaining the General Fund $16.5 million, or 0.7%, above its cumulative consensus target.
Revenues in the Transportation Fund totaled $27.3 million for May, missing the $28.5 million monthly consensus target by -$1.2 million, or 4.1%. All four major components finished marginally below their individual targets, contributing to the overall monthly underperformance. On a cumulative basis, Transportation Fund receipts are slightly below expectations at -$1.9M, or -0.7%, relative to the cumulative consensus target.
Monthly Education Fund revenues of $60.1 million were $3.2 million, or 5.7%, above the May cash flow target of $56.9 million. This overperformance was largely driven by the Sales & Use Tax, which exceeded its target by $4 million, or 8.9%. Cumulatively, Education Fund receipts remain positive at $6.4 million, or 0.9%, above cumulative consensus target.
According to Secretary Clark: “While some key sources of receipts underperformed this month, revenues continue to hold up well with the three major funds tracking within +/-1% of their cumulative consensus forecast.”
6.23.2026. Montpelier, VT – Secretary of Administration
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