by Timothy McQuiston, Vermont Business Magazine The vital personal income tax bounced back from a rare below-target month and remains the strongest of the major indices this fiscal year. However, it was not enough to support an overall disappointing report, which shows total tax revenues in all three major funds below expectations year-to-date. Secretary of Administration Sarah Clark today released Vermont’s revenue results for November 2025. Transportation Fund receipts were slightly above consensus revenue expectations on a monthly basis, while General Fund and Education Fund receipts lagged.
The state’s General Fund, Transportation Fund, and Education Fund receipts were a combined $214.4 million, representing collections -$17.2 million, or 7.4%, below the $231.6 million monthly target in the consensus forecast adopted by the Emergency Board at its July 2025 meeting.
Corporate Income Taxes are well below targets for the month and the year-to-date, offsetting GF gains in the PI. GF revenues are also below the prior year to date. For Transportation, Motor Vehicles sales had a strong month. Meanwhile, Education was drawn down by missed targets in Sales & Use and Meals & Rooms in particular. Lottery sales are also well behind targets.
Clark said collections may have been impacted by the timing of the Thanksgiving holiday, which resulted in November being a ‘short month’ for revenue collection purposes. Some November revenues may spill over into December.
Total General Fund revenues for November were $128.7 million, -$15.3 million or 10.6% below the $144.0 million monthly cash flow target, driven by lagging collections in the Corporate Income Tax.
Revenues in the Transportation Fund were $24.3 million, representing collections $0.2 million or 0.9% above target, driven primarily by MV Purchase and Use Tax receipts $1.3 million, or 18.4%, above monthly consensus expectations.
Monthly Education Fund revenues of $61.4 million were -$2.1 million, or 3.4%, below their November cash flow target of $63.5 million, with four of the five major components coming in below target. MV Purchase and Use Tax receipts exceeded consensus expectations, coming in at $0.6 million, or 18.4% above target.
According to Secretary Clark: “November receipts reflected some downside pressure, although the reduced number of banking days at the end of the month due to the Thanksgiving holiday weekend may have had an impact. As a result, December’s revenue results may provide a clearer picture of where receipts stand. Those results and the updated January consensus forecast will both provide valuable information for the expected revenue picture for the second half of the fiscal year.”
12.15.2025. Secretary of Administration
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