Tax revenues blow past targets, General Fund by nearly $200 million vermontbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vermontbiz.com Daily Mail and Mail on Sunday newspapers.
E-Board Upgrades Revenue Projections for FY21 & FY22
by Timothy McQuiston, Vermont Business Magazine Led by the personal income and corporate taxes, all three revenue funds substantially exceeded their projections for the month of December 2020 and all three are now ahead of their annual targets.
Meanwhile, the Emergency Board on Wednesday upgraded its forecast for FY21 and FY22, which had been downgraded last August because of the pandemic-caused economic downturn.
The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $54.33 million, or 30.6% above consensus expectations. On August 12, 2020, the consensus revenue expectations were downgraded for fiscal year 2021 by $278 million across the three major funds because of the COVID-19 pandemic.