Vermont closed out the month of September 5.3 percent above target for General Fund revenue, according to the monthly revenue report from the Shumlin administration.
It’s the first month of the fiscal year that the state has come in above projections, after revenue fell below target in July and August.
The state netted $146.1 million in revenue for the general fund in September, some $7.4 million more than was expected, according to a release from the Agency of Administration.
At the close of the first quarter of FY 2016, the state is 1.5 percent — or $4.9 million ahead of target for general fund revenue. The totals are 4 percent ahead of the totals for this time last year.
The latest report is good news for the state as the administration works on putting together a budget proposal for the next fiscal year.
In a statement, Secretary of the Administration Justin Johnson said that the extra revenue in September provides a “small cushion” for the state and helps to make up for the shortfall last month.
“It is very encouraging to see receipts exceeding not only the prior year, but the current cumulative target as well,” Johnson said.
The states other funds posted similarly strong results for the month.
The transportation fund revenues came in 9.2 percent, or $2.2 million, above projections. The education fund ran in 5 percent above the target.
However, both funds fell short of the targets for the quarter; the transportation fund rang in 0.3 percent below target, and the education fund fell short by 1.7 percent.
