Vermont Secretary of Administration Press Release (Jan. 2019)
On January 18, 2019, Administration Secretary Susanne Young Released General Fund, Transportation Fund, and Education Fund revenue results for the month of December and the first half of the State’s 2019 fiscal year. Revenue results for December were below target for the month in both the G-Fund and T-Fund. The monthly under-performance in the G-Fund was mainly the result of very low receipts in December Personal Income Tax Quarterly Estimated Payments and higher than expected Personal Income Tax Refunds. In the T-Fund, the under-performance in receipts relative to the December monthly consensus cash flow target in Motor Vehicle Fees and Purchase & Use Tax receipts were primarily responsible for the monthly downside miss. Receipts in the E-Fund finished above its December target resulting from the second consecutive monthly rebound performance in Sales & Use Tax receipts during December. Despite the below target receipts activity for December in the G-Fund and T-Fund, cumulative receipts for both fund aggregates finished the first six months of FY 19 ahead of cumulative expectations, while cumulative E-Fund receipts finished slightly below target by less than 0.1%. On January 22, 2019, the Vermont Emergency Board approved the staff recommended consensus revenue forecast update for the G-Fund, T-Fund, and E-Fund. The updated consensus revenue forecasts superseded those December and cumulative first half consensus cash flow targets as of the Vermont Emergency Board’s approval of the updated forecast.