The state’s general fund revenue receipts were lower than expected in August, but state officials remain encouraged by year-over-year results through the first two months of FY 2016.
General fund receipts were $88.84 million in August, or 3.85 percent below the forecast of $92.4 million, according to figures released by the Shumlin administration. Personal income taxes, which make up the bulk of general fund revenue, were off by 7.1 percent, Administration Secretary Justin Johnson said in a news release.
However, Johnson said receipts for July and August exceed those from the comparable period in FY 2015 by $4.83 million, or 2.5 percent.
“Although we are seeing a bit of a slow start to the fiscal year, after only two months, there is sufficient time to pick up the -1.25 percent shortfall over the remainder of the year,” Johnson said in a news release.
Transportation fund receipts in August trailed estimates by $1.9 million, or 8 percent. Johnson said a larger than average number of unprocessed receipts could narrow that deficit.
Education fund revenue was off by $1.58 million, but is running ahead of last year’s figures, Johnson said.
