Economists advising the Emergency Board said that Vermont tax revenues are up as the state, and the U.S., continue to see economic growth.
General fund revenues to date are $12.43 million below last year.
This nearly snowless and overall unusually warm winter is being described as the worst in memory for those who like to ski, snowboard and snowmobile — and especially for those who make a living catering to them.
A study by the Rand Corp. and commissioned by lawmakers sees the potential for much more revenue if Vermont is the first in the region to legalize the substance.
Vermont wants to mirror Colorado and Washington and begin generating tax revenue from the sale of marijuana.
State economists outlined several factors behind Vermont’s slower than expected economic recovery. Some reflect trends beyond the state’s control, others highlight regional differences in Vermont’s economy, and a few remain a mystery.
Heavy dependence on personal income tax makes Vermont one of the most volatile states for revenue.
“On a positive note, despite January 2012 General Fund revenues being below the monthly target, they do exceed the prior year results by 1.28%, indicative of our modest, but steady recovery,” continued Spaulding.