Vermont Business Magazine Personal Income taxes, the single most important revenue source for the state of Vermont, were down nearly 13 percent in November, dragging down what otherwise was relatively good revenue results. The General Fund for the month of November collected $87.33 million, $2.55 million below the consensus revenue targets adopted by the Emergency Board on July 21, 2016. Along with Personal Income (-$5.35 million or 12.9 percent), Sales and Use and Inheritance and Estate taxes were also off, -$0.20 million and -$1.09 million respectively. These downs were partially offset with better than expected performances in the Corporate Tax of $1.09 million and Meals and Rooms Tax of +$1.42 million.
All three major funds are down for the year (GF, Transportation, Education). November is the fifth month of Fiscal Year 2017.
Through the first five months of the fiscal year the General Fund is slightly behind its consensus revenue projection from July by –$1.22 million. Year to date receipts in General Fund are $557.21 million, versus a target of $558.43 million.
The Transportation Fund collected $20.60 million for the month of November, +$0.61 million above target of $19.99 million. This over performance was driven by better than expected results in the Gasoline Tax of +$0.51 million and Misc. Other Revenue of +$0.52 million. Year to date, receipts in the Transportation Fund are down -$2.27 million compared target.
The Education Fund collected $14.91 million for the month of November, beating its target by $0.28 million. For the year-to-date, Education was down -$0.88 million or 1.11 percent.
Revenues increased year over year in the General Fund by +$17.21 million or 3.19 percent, the Transportation Fund +$2.29 million or 2.10 percent, and the Education Fund +$0.23 million or 0.29 percent.
Secretary of Administration Trey Martin said, “Notwithstanding ups and downs we are watching in some of these numbers, the November results reflect the continued strong fiscal management and discipline practiced by this Administration, which has overseen steady and sustainable revenue growth, has worked with Vermont businesses to help bring 19,000 new jobs online, and held growth of our total budget to 3.7 percent overall. Most importantly, we have delivered balanced budgets year after year while weaning the State off of reliance on one-time funds and without increasing income tax, sales tax, or rooms and meals tax rates.”
Source: Administration 12.8.2016