Vermont Business Magazine Secretary of Administration Sarah Clark today released Vermont’s revenue results for December 2025. The General Fund missed its monthly target, while the Transportation Fund and Education Fund both exceeded their monthly targets.
The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $295.3 million, representing collections of $0.05 million, or 0.02%, above the $295.2 million monthly target in the consensus forecast adopted by the Emergency Board at its July 2025 meeting.
Total General Fund revenues for December were $204.1 million, -$5.3 million or 2.5% below the $209.4 million monthly cash flow target, driven by a second month of significantly lagging Corporate Income Tax receipts. The Personal Income Tax continues to edge above targets, while the Meals & Rooms tax had a catch-up month. Health Care taxes continue to lag and were a concern of the state economists at the last Emergency Board meeting.
Revenues in the Transportation Fund were $27.8 million, representing collections of $2.6 million or 10.4% above target, bouncing back from calendar-impacted revenue totals in December.
Monthly Education Fund revenues of $63.3 million were $2.7 million, or 4.5%, above their December cash flow target of $60.6 million, with all five major components performing ahead of monthly consensus targets.
According to Secretary Clark: “In the first half of the fiscal year, Transportation Fund and Education Fund revenues are slightly ahead of forecasted revenues. General Fund revenues are slightly behind their July targets, but all three funds are within plus or minus one percent of cumulative consensus expectations. The Emergency Board adjusted the revenue forecast at its January meeting. We will continue to closely monitor results against the revised forecast.”
1.28.2026. Montpelier, VT – Secretary of Administration
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