Vermont’s general fund revenue is slightly ahead of target heading into the final month of the fiscal year.
Revenue was disappointing in May, at 7.1 percent below target, but are 1.72 percent above forecast for the year. General fund receipts were $67.9 million in May, $5.2 million below projections, according to figures from the Agency of Administration.
“As we predicted, May’s below target results consumed some of the revenue cushion remaining at the end of April,” Administration Secretary Justin Johnson said in a statement. “Underperformance in PI (personal income) Withholding, PI Other, and Corporate, as compared to target, was responsible for the majority of the shortfall.”
Despite the drop in May, general fund revenue remains $21.2 million ahead for FY 2015.
Transportation fund revenue remains a fraction above forecasts for the year and were up 0.3 percent in May at $23.1 million.
Education fund receipts are 0.7 percent behind forecasts for the year.
Johnson said the administration expects to finish the year on target.
“We expected a portion of our prior month’s cushion would be needed to cover May. However, we feel the remaining cushion of $21 million should be sufficient to ensure meeting the full-year revenue target for fiscal year 2015. We will be watching June receipts closely,” Johnson said.
