In the first month of the fiscal year, revenues fell short of targets.
General fund revenue totaled $108.5 million in July — 1.2 percent below the new projections economists outlined for lawmakers and state officials last month.
In July, the Emergency Board adopted lower revenue targets for fiscal 2017 after the previous year closed out with $16.1 million less revenue than had been expected.
The shortfall in the July revenue collections largely reflected underperformance by 11.2 percent, or $6.2 million, in personal income tax. Higher-than-expected returns in corporate, estate and other taxes mitigated the impact, according to the Agency of Administration.
The transportation fund collected $19.1 million — $1 million, or 4.8 percent, shy of the target.
The education fund came in at $15.2 million, which was about $650,000, or 4.1 percent, short of its target.
“Revenue results for the first month of the fiscal year don’t tell us much about how the year will go, so although they are slightly off from projections, the numbers are not particularly meaningful until we can get a trend a few months in,” Secretary of Administration Justin Johnson said in a statement.
Johnson said it is encouraging that the revenue receipts in all three categories came in higher than last year for July and that “Vermont’s economy continues to grow.”
