by Timothy McQuiston, Vermont Business Magazine Secretary of Administration Kristin Clouser today released Vermont’s revenue results for January 2024. The General Fund, Transportation Fund and Education Fund all exceeded their monthly consensus cash flow targets.
Led by the Personal Income Tax, the state’s most important revenue source, the General Fund, Transportation Fund, and Education Fund receipts were a combined $362.4 million, exceeding the $324.4 million monthly consensus target by $38.0 million, or 11.7%. The Sales & Use tax was the most noticeable revenue source to miss its target, off by -$1.3 million. Sales is the second most vital revenue source.
Combined Year-to-Date receipts are $38 million, or 2%, above the updated $1,863.1 million target adopted at the most recent Emergency Board meeting.
General Fund revenues for January totaled $254.9 million, $29.6 million, or 13.1%, above the $225.3 million monthly consensus cash flow target. The Personal Income Tax was nearly $15 million above its target, or 10%.
All receipts categories, except for a -$2.8 million underperformance by the Corporate Income Tax, surpassed their combined targets by $32.4 million. Receipts are $29.6 million, or 2.4%, above their $1,245.2 million target adopted at the most recent Emergency Board meeting.
Revenues in the Transportation Fund exceeded their $21.8 million January consensus target by $7.2 million, or 33.1%, yielding $29.1 million.
All receipts categories, except for a -$0.2 million underperformance by the Gasoline Tax, surpassed their combined targets by $7.4 million. Receipts are $7.2 million, or 4.4%, above their $165.0 million target.
Monthly Education Fund revenues of $78.4 million were $1.2 million, or 1.5%, above their January $77.3 million cash flow target. The $3.5 million of combined receipts above target from the Meals & Rooms Tax, the Motor Vehicle Purchase and Use Tax, and Lottery receipts were offset by a combined -$2.3 million underperformance by the Sales and Use Tax, and Interest Earnings. Receipts are $1.2 million, 0.3%, above their $452.9 million target.
According to Secretary Clouser: “The January revenue results represent the first time receipts have exceeded their targets for two consecutive months. This provides a small but welcome cushion as the State enters into the critical Income Tax filing season.”
The annual fiscal 2024 consensus forecast update was adopted by the Emergency Board at its January 2024 meeting.
Source: Agency of Administration. March 1, 2024
