General Fund, Transportation Fund, and Education Fund revenues continue to come in above targets
by Timothy McQuiston, Vermont Business Magazine The state’s General Fund, Transportation Fund, and Education Fund receipts for November were a combined $26.55 million, or 18.0 percent above consensus expectations in November.
The vital personal income tax was up as were the consumer taxes – sales and use and rooms and meals – with sales up nearly 20 percent over projections.
Of course, those projections were significantly downgraded by economists last summer.
On August 12, 2020, the consensus revenue expectations were downgraded for fiscal year 2021 by $278 million across the three major funds as a result of the pandemic. The November and fiscal year to date revenues are measured against the August forecast.