Vermont has taken in about as much money in taxes and fees as it expected for the first nine months of the 2016 fiscal year, which started in July.
The state’s three major funds — the general fund, transportation fund and education fund — are all roughly on target with the projections that the Legislature’s economist and the Shumlin administration’s economist have agreed upon.
In the first nine months of the fiscal year, the general fund took in $995.9 million, compared with a $994.1 million projection; the transportation fund took in $190.4 million toward a $190.6 projection; and the education fund took in $141.1 million against a $140.6 million projection.
In the month of March, general fund revenue fell short of projections ($81.9 million versus $95.1 million). The Shumlin administration says the Tax Department kept a backlog of tax refunds in February to avoid fraud and sent most of them out in March.
According to the administration’s data, personal income tax receipts in March were about $19 million lower than projected, but corporate income taxes were $6.9 million higher than projected.
Sales and use taxes were about $400,000 lower in March than projected, and meals and rooms taxes were about $500,000 lower than projected. Revenue from inheritance and estate taxes was about $1.2 million lower than expected.
Also in March, receipts were higher than anticipated in the transportation fund ($24.8 million versus $22.8 million) and roughly on target in the education fund ($13.7 million).
The transportation fund saw slightly higher-than-projected revenue in gasoline taxes, motor vehicle purchase and use taxes, and motor vehicle fees. The education fund saw slightly lower-than-projected revenue from sales and use taxes and higher-than-expected revenue from the motor vehicle purchase and use tax.
