Lawmakers and agency officials met Friday to recap recent income tax discussions, in preparation of renewed debate in Jan.
Next year’s budget won’t be drafted until January, but members of the House Appropriations Committee got a taste Wednesday of what they can look forward to when the Legislature reconvenes in 2014: budget shortfalls, increased costs and unfunded pension obligations.
Rep. Cynthia Browning, D-Arlington, says complex financing plan could cut into capital fund, but project moves ahead.
State tax revenues stayed relatively steady through September. But the latest monthly report, collected before the federal government partially closed on Oct. 1, don’t reflect the economic impact of the shutdown and looming default narrowly averted Wednesday.
Proponents of a state-owned “public bank” want policymakers to consider alternatives to depositing taxpayer funds with out-of-state shareholders. The renewed call coincides with a $53 million civil penalty settlement by TD Bank, the state’s primary depository.
Agency officials blended federal grants, leftover money from prior years, project delays and a few gambles to trim the budget for the state fiscal year that started July 1.
The Department of Aging and Independent Living has $6 million is savings and a backlog of about 400 elderly and disabled Vermonters who could use some help, but the definition of how the money can be used stands between them.
While Congress dithers over how much to cut from a program that helps low-income people heat their homes, Vermont officials work to manage the uncertainty.
Tracking very close to revenue forecasts, state tax collections leave little room to buffer mounting pressures from Medicaid and other sources, the Joint Fiscal Office reported Wednesday morning.
Loss of revenue from energy generation tax will hit bottom line if lawmakers don’t find a way to replace money from Entergy.
The state will received enhanced Medicare subsidies for low-income retirees, which will help to lower overall expenditures for prescription drugs through the state health insurance plan for retired teachers.
A 16-page report from the Joint Fiscal Office released last month shows that Vermont could see tens of millions of dollars in annual program reductions in a broad swath of public services.
The $3.5 million annual shortfall at the Vermont Veterans’ Home is in the foreground at the moment. Looming in the background is the specter of much deeper federal cuts.
The Legislature wants the tab cut to $1.5 million, and to comply with that order, the Department for Children and Families has devised a point system to determine who is “vulnerable” enough to get a room.