The Shumlin administration says General Fund revenues for September are down slightly and transportation receipts are up.
Trey Martin, the secretary of administration, reported that revenues for sales and use and rooms and meals underperformed by roughly 1 percent.
Meanwhile, corporate taxes were down by $4 million or 18.86 percent for the month.
Personal income tax receipts are up by 4.81 percent, or by $3.67 million, and made up the difference for corporate losses.
Martin said the numbers reflect “the continued strong growth of Vermont’s economy under this Administration, which has overseen steady and sustainable revenue growth of more than 3 percent over the last five and a half years, has worked with Vermont businesses to help bring 19,000 new jobs online, and held growth of our total budget to 3.7 percent overall. Most importantly, we have delivered balanced budgets year after year without increasing income tax, sales tax, or rooms and meals tax rates.”
In September, the General Fund collected $144.33 million, -$1.07 million or 0.74 percent below the consensus revenue targets adopted by the Emergency Board on July 21.
“Through the first three months of the fiscal year the General Fund is essentially on target with its consensus revenue projection from July,” Martin said in a statement.
For the year to date, the state has collected $349.54 million, versus a target of $349.58 million, Martin says.
The Transportation Fund collected $25.79 million for the month of September, $0.65 million above the target of $25.14 million.
“We are pleased to see the General Fund on target year to date, although we will be watching the individual components closely as trends begin emerging over the next few months,” Martin said.
