The Vermont Agency of Administration says state revenues in March were up slightly in one fund and down in two others, but there is not enough information to draw conclusions about revenue trends.
The agency released the monthly revenue numbers for March. The numbers show that the state’s General Fund $18.1 million above projections, the Education Fund $880,000 below projections, and the Transportation Fund $710,000 below projections.
The General Fund is the main pot of money used to pay for Vermont’s nearly $6 billion budget. The General Fund gets the majority of its revenue from personal income taxes, sales and use taxes, and the rooms and meals tax.
The Education Fund largely pays for the state’s K-12 school system. The majority of the Education Fund’s revenue comes from school property taxes. Other revenue sources include sales and use taxes and the motor vehicle purchase and use tax.
The Transportation Fund is used to pay for roads. A majority of the revenue to fill the Transportation Fund comes from gasoline taxes, motor vehicle fees, the motor vehicle purchase and use tax, and diesel taxes.
“At this point, we are in the same position as we were at the end of February,” Susanne Young, the secretary of the Agency of Administration, said in a press release announcing the revenue numbers.
“It is too early to tell if the positive Personal and Corporate Income results are anything more than timing that may simply even out by the end of the fiscal year,” Young said. “We will have a much better understanding at the end of April when there will be enough information to more accurately assess the status of receipts and refunds.”
Revenue to the General Fund was up largely because the state collected $4.86 million more in personal income tax and $3.31 million more in corporate income tax than the administration and the Legislature predicted.
The agency did not specify why revenue to the Education Fund might be below projections, but said the lagging revenue to the Transportation Fund is the result of underperformance of the gasoline tax, motor vehicle purchase and use tax, and motor vehicle fees.
