The state took in more revenue than expected from personal income taxes, corporate income taxes, and rooms and meals taxes in August.
The three revenue sources have given the general fund—the main pot of money of tax dollars in the state of Vermont—a steady start for fiscal year 2017, which began July 1.
“We are pleased to see the August revenues for the General Fund have put us back on track with year- to-date revenue targets,” Justin Johnson, the secretary of the Agency of Administration, said in a statement. “This result is a good example that the early months are not indicative of where we will end up.”
The Transportation Fund came in low at $23 million, or 6.3 percent below targets. The gasoline tax was roughly level in August, but other revenue sources underperformed.
The Education Fund was roughly in line with targets, at $15.4 million. The state’s sales and use taxes came in $270,000 below target, and the purchase and use tax came in about $200,000 below target.
“This Administration continues to practice prudent fiscal management, which has meant six straight balanced budgets with no increase in income tax rates, sales tax rates, or rooms and meals tax rates,” Johnson said.
“During the past five and a half years … our total budget has grown by 3.7 percent while revenues have increased 3.1 percent,” he said. “For the first time since the Great Recession, Vermont will not rely on one-time funds to balance the budget.”
