Personal income pushes Vermont March tax revenues ahead of expectations

Secretary of Administration Jeb Spaulding released the March 2014 General Fund (GF) revenue results Friday. General Fund revenues totaled $92.56 million for March 2014, $5.21 million or 5.97 percent ahead of the monthly target. Year to date, General Fund receipts are now $926.19 million, $4.95 million or 0.54 percent ahead of the cumulative target. Year to date revenue is $39.12 million (4.41 percent) ahead of the same period for the prior fiscal year (FY 2013). March is the ninth month of fiscal year (FY) 2014.
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Secretary Spaulding commented, “March was a positive month overall for the General Fund, with strong collections in both the personal and corporate income tax sectors. Consumption tax receipts, including sales, rooms and meals and fuel taxes were a little off for the month, but that mainly reflects February activity and we may well see better than pro-jected performance in this month’s receipts, due to the snowy March.
"Overall, we are pleased to be ahead of target by $5 million for the year, though we do recognize that is just ½ of 1 percent ahead. Further, our State economist tells me some of the out performance in personal income tax collections is likely one time in nature. April collections always make or break the year for state revenue collections. We will have a good idea of how the fiscal year 2014 will finish up revenue wise in a month. To be running 4 ½ percent ahead of last year’s total General Fund collections through nine months is good news from an economic perspective."
Regarding Transportation Fund, Spaulding stated, “Since the weakness in the T-Fund for the month was roughly across the board, it will be important to review April receipts before expressing any concern about the achievability of the fiscal year 2014 revenue forecast goal. There is some indication timing issues may have effected monthly collections for March, which will be reflected in April."