State revenue for the first month of the 2016 fiscal year came in just ahead of forecast, the Shumlin administration said Thursday.
General fund receipts for July were $105.35 million, 1 percent ($1.1 million) above the target accepted by the Vermont Emergency Board.
Administration Secretary Justin Johnson pointed to the year-over-year improvement in a news release accompanying the July revenue report.
“While it is good news the GF revenue exceeded target by 1.06 percent, the better news is that GF results exceeded the prior July by 4.31 percent,” Johnson said.
Transportation fund revenue was $18.92 million in July, missing the forecast by 2.65 percent, the release said.
Education fund receipts were $15.87 million, or roughly on target, the administration said.
“Generally, we are pleased with the results, although, we will be watching the Transportation Fund,” Johnson said. “July is historically a volatile and small revenue producing month and is not a reliable indicator of the remainder of the year. That being said, we are encouraged by the year over year growth, which shows continued steady upward revenue progress.”
