Vermont Business Magazine Secretary of Administration Sarah Clark on Tuesday released Vermont’s revenue results for November 2024. The Transportation Fund and Education Fund exceeded their respective monthly consensus cash flow target, as adopted by the Emergency Board at its July 2024 meeting, while the General Fund narrowly missed its target. The Meals & Rooms tax was off again, while the usually reliable personal income tax fell short of its target.
The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $223.7 million, exceeding the $221.9 million monthly consensus target by $1.8 million, or 0.8%.
Total General Fund revenues for October were $136.3 million, -$0.1 million, or -0.1%, below the $136.4 million monthly consensus cash flow target. A -$3.8 million combined miss by the Personal Income Tax, Meals and Rooms Tax, Insurance Tax, Estate Tax and Liquor Tax offset the $3.7 million of combined gains made by all other revenues relative to their respective targets.
Revenues in the Transportation Fund exceeded their $23.1 million November consensus target by $1.4 million, or 6.1%, yielding $24.5 million in total with all component revenues exceeding their individual targets.
Monthly Education Fund revenues of $62.8 million were $0.5 million, or 0.9%, above their November $62.3 million cash flow target. The -$0.6 million of combined below target performance by the Lottery Transfer and Education Fund interest earnings was offset by $1.1 million of combined above target revenues made by all other sources relative to their respective targets.
According to Secretary Clark: “Although the General Fund did sustain a marginal miss to its consensus target this month, it remains $64.8 million above its cumulative expected earnings for the year; and the Transportation Fund is also exceeding cumulative expectations by $4.3 million. Even with the Education Fund currently lagging its cumulative target the state remains in a strong financial position as it approaches the mid-point of the fiscal year. Expectations for the second half of the fiscal year will be revised at the next meeting of the Emergency Board in January.”
Source: 12.17.2024. Montpelier, VT – Secretary of Administration
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