Michael Smith Announces Vermont's March Revenue figures
Michael Smith announces Vermont's March revenue figures. Michael K. Smith, Secretary of Administration released General Fund revenue results for March, the ninth month of the 2007 fiscal year.
General Fund revenues totaled $81.48 million in March 2007, coming in six percent above the expected $76.87 million consensus revenue expected for the month. The third quarter of the fiscal year 2007 finished above the consensus revenue target that was set at the January Emergency Board meeting.
The cumulative General Fund revenue at the end of the third quarter was $797.96 million. This is 0.9 percent above the General Fund cumulative revenue forecast.
Personal Income Tax revenue surpassed the expected March target, ending with $15.56 million in revenue, $0.80 million above the revenue target. Both the Corporate Income Tax and the Estate Tax came in well above the revenue targets for March. The Property Transfer Tax also finished above the target for March, contributing $0.84 million in revenue, 8.1 percent above the expected March target.
The Rooms & Meals Tax came in below target in March, with $10.76 million in revenue to the General Fund. Receipts in the Sales & Use Tax category also came in below the expected projection, coming in 4.2 percent below the revised revenue target.
The Transportation Fund came in below the projected revenue amount for March. The Transportation Fund received $18.49 million in the month of March, falling short of the target by $2.38 million.
The cumulative revenue results in the Transportation Fund at the end of the third quarter of the Fiscal Year 2007 were $156.18 million. The year-to-date total of $3.07 million is 1.9 percent below the cumulative revenue forecast for the Transportation Fund.
All of the areas that make up the Transportation Fund finished below target for the month of March. The Diesel Tax finished 32.4 percent below the March revenue target.
The Gasoline Tax is the largest fuel tax component in the Transportation Fund, and came in 5.5 percent lower than the consensus revenue target for March. Motor Vehicle Purchase & Use Tax revenue closed the month at $3.83 million in revenue, which was below target for March. Motor Vehicle Fees followed this same trend and finished the month 7.8 percent below the target. The Transportation Fund has finished below target two months in a row.
Secretary Smith announced that the non-Property Tax Education Fund revenues, which make up about 13 percent of total Education Fund receipts, totaled $11.57 million in March. This is six percent below the $12.31 million consensus revenue target.
The cumulative totals in the Education Fund were $118.24 million, 1.2 percent below the year-to-date target. The disappointing results in the Sales & Use Tax and the Motor Vehicle Purchase & Use Tax created the below projected revenues for the Education Fund in March.
The Sales & Use Tax contributed $8.09 million below the revenue target for March.
Both the Motor Vehicle Purchase & Use Tax fell short of projections for the month by 14.7 percent. The Lottery Transfer came in 10.9 percent below March projections. Transportation and Education Fund results were disappointing in March. Both Funds fell below their cumulative revenue targets for the end of the third quarter.