Vermont Business Magazine Secretary of Administration Sarah Clark today released Vermont’s revenue results for April 2026. The General Fund and Transportation Fund exceeded their monthly consensus targets while the Education Fund missed its monthly target.
The state’s General Fund, Transportation Fund, and Education Fund receipts totaled $537.6 million, exceeding the $529.3 million monthly consensus target by $8.3 million, or 1.6%.
Total General Fund revenues were $444.1 million, which is $10.1 million, or 2.3%, above the $434.0 million monthly consensus cash flow target. This result was driven primarily by the better than expected performance by the Personal Income Tax (+$15.3M, or 4.7%, above consensus expectations) – partially offset by underperformance in April Estate Tax receipts (-$2.8M, or 76.4% below target) and to a lesser extent, the Meals & Rooms Tax, Telephone Tax, Beverage Tax, and Bank Franchise Tax.
With two months left in the fiscal year (ending June 30), the GF is ahead of targets by over $19 million, or nearly 1%.
Transportation Fund revenues exceeded their April consensus target of $27.5 million by $0.5 million, or 1.9%, reaching $28.1 million in total. Cumulative Transportation Fund receipts continued to remain $0.7 million, or 0.3%, below their year-to-date consensus target.
Category performance was mixed: with Diesel Tax and Other Fees revenues performing above consensus expectations, while Gas Tax, Motor Vehicle Fees, and Motor Vehicle Purchase & Use tax underperformed.
Education Fund revenues for April were $65.5 million, falling $2.4 million, or -3.5%, short of the $67.8 million monthly target. With the exception of Investment Income, no category met its monthly target.
The largest underperformers were the Meals & Rooms Tax (-$0.3 million, or 5.7% below target) and the Lottery Transfer (-$1.9 million, or 66.9% below target). Even so, cumulative Education receipts remained slightly above cumulative consensus expectations at $3.2 million, or 0.5% above cumulative consensus expectations.
According to Secretary Clark: “Despite substantial macroeconomic turbulence, state revenues have held up well. With two months remaining in the fiscal year, the General Fund and the Education Fund are tracking above their consensus revenue targets year to date, and the Transportation Fund is only slightly below target. We are watching revenues closely as the year comes to a close.”
5.26.2026. Montpelier, VT – Secretary of Administration
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