Vermont Business Magazine General Fund revenues totaled $115.80 million for October versus the monthly target of $116.51 million, -$0.72 million or –0.61% short. The shortfall was due primarily to the “Other” category which fell -$1.19 million below target. Personal Income Taxes of $63.93 million exceeded target by +$0.46 million or +0.72%, while Corporate Income Taxes of $23.14 were essentially on target. The October results caused a small back slide in cumulatively year-to-date General Fund receipts. However, cumulative total of $456.06 million remains above the Y-T-D target by +$4.19 million, or +0.93%. Y-T-D October revenue receipts for FY 2016 exceed the prior year (FY 2015) results by +$21.74 million, or +5.01%.
Administration Secretary Justin Johnson said, “The G-Fund performance in October has kept us above the target for the current fiscal year as well as increasing the growth vs the prior fiscal year. I remain encouraged about the year, and the continued growth in Vermont’s economy.”
October is the fourth month of FY 2016. The fiscal year revenue targets were adopted by the Vermont Emergency Board on July 27, 2015.
The Transportation Fund (TF) dedicated receipts for October, of $23.33 million, exceeded the monthly target by +$0.78 million, or +3.47%, resulting in year to date results of $90.44 million, exceeding the cumulative target by +$0.57 mil-lion, or +0.63%. Compared to the prior fiscal year (FY 2015) the current cumulative results for TF are +$1.33 million, or +1.49% ahead. As predicted, a small amount of Octobers results were continued catch up processing from last month.
The Education Fund (EF) receipts were +$17.22 million, or +0.17% ahead of the monthly target of $17.19 million, driven largely by the above target Lottery transfer (+2.76%). The EF cumulative results through October are -$0.75, or –1.17% below the Y-T-D target but, +$1.51 million, or +2.44% ahead of the prior fiscal year (FY 2015).