Vermont revenue results move back ahead helped by rooms and meals tax

General Fund revenues totaled $60.12 million for February 2014, $1.88 million or 3.23 percent ahead of the monthly target. Year to date, General Fund receipts are now $833.64 million, -$.26 million or -0.03 percent below the cumulative target. Year to date revenue is +$27.20 million (+3.37 percent) ahead of the same period for the prior fiscal year (FY 2013). Secretary of Administration Jeb Spaulding released the February 2014 General Fund (GF) revenue results Thursday. February is the eighth month of fiscal year (FY) 2014.
Secretary Spaulding commented, “February was a good month for the General Fund. We made up nearly all of the ground lost in January. The higher than anticipated receipts in the Rooms and Meals tax are consistent with reports of a strong winter in travel and tourism. February was an upbeat month for Insurance Tax collections, 9 percent ahead of projection. And, personal income tax receipts, our largest revenue component, were $3.2 million ahead of target (the table reflects net of anticipated refunds). One area we will keep an eye on is a higher than expected level of refunds in the corporate sector in February.”
Regarding collections in the Transportation Fund, Spaulding stated, "Revenues bounced back in the T-fund in February, due to better than expected receipts in both gas and diesel fuel taxes, and we are now essentially on target for the fiscal year."
Secretary Spaulding concluded, "Overall, there were some positive indicators in the February revenue results and, barring external headwinds beyond our control, we expect continued economic and revenue growth going forward, consistent with projections."