by Timothy McQuiston, Vermont Business Magazine Secretary of Administration Sarah Clark today released Vermont’s revenue results for January 2025. The General Fund and Education Fund exceeded their respective monthly consensus cash flow target, corresponding to the annual consensus forecasts as adopted by the Emergency Board at its July 2024 meeting, while the Transportation Fund failed to meet its target.
The GF was led by vital Personal Income results, which had slumped in the last couple of months. Corporate revenues also had a strong month. The tax season can offer uneven data.
Meanwhile, the consumption revenues also rebounded, with the Sales and Meals & Rooms taxes both exceeding their projections. The Transportation Fund results were down, including the Gasoline and Diesel taxes, offset by an increase in auto sales.
Overall, the State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $396.1 million, exceeding the $362.9 million monthly consensus target by $33.2 million, or 9.2%.
Total General Fund revenues for January were $290.9 million, $31.2 million, or 12.0%, greater than the $259.7 million monthly consensus cash flow target. A combined -$1.1 million underperformance in the Liquor Tax, Estate Tax and Other category offset the $32.3 million cumulative gains above target by all other revenue sources.
Revenues in the Transportation Fund underperformed their $23.9 million January consensus target by -$0.3 million, or -1.1%, yielding $23.6 million in total. Only the Motor Vehicle Purchase and Use Tax exceeded its monthly target, by $0.3 million, offsetting the cumulative -$0.6 million underperformance by all other revenue sources.
Monthly Education Fund revenues of $81.6 million were $2.2 million, or 2.8%, greater than their January $79.4 million cash flow target. A combined -$1.5 million under performance by the Lottery Transfer and Interest components offset the $3.7 million gains made by all other sources.
According to Secretary Clark: “The second half of the fiscal year appears to be off to a strong start with both the General Fund and Education Fund exceeding expectations. Even though the Transportation Fund did not achieve its monthly target, its cumulative performance to date is still less than one percent below anticipated.”
To support vital journalism, access our archives and get unique features like our award-winning profiles, Book of Lists & Business-to-Business Directory, subscribe HERE!
