Secretary of Administration Susanne Young Releases Vermont's Revenue Results for January 2020 (Feb. 2020)
Administration Secretary Susanne Young released revenue results for the State of Vermont on February 21, 2020 for the month of February and the first seven months of Vermont’s 2020 fiscal year. Results across all three funds got the first month of the second half of the State’s fiscal year to a good start—with only the part of the Education Fund that falls under the consensus revenue forecasting process slightly under-performing versus consensus cash flow expectations. General Fund revenues collected for the month totaled $178.71 million, 2.39% or $4.18 million above the monthly consensus revenue target, which has been updated to reflect the annual consensus revenue forecast adopted by the Emergency Board on January 16, 2020. According to the Secretary, “…Revenues in the State’s Transportation Fund tracked at $0.82 million, or 3.75%, above expectations for the month, bringing in $22.63 million. Higher than anticipated collections in motor vehicle purchase and use taxes and motor vehicle fees offset underperformance in fuel tax collections.” Revenue receipts in the Education Fund “…were -$0.17 million, or -0.29%, below its monthly target, having collected $58.46 million for the month. Higher than anticipated collections in motor vehicle purchase and use and meals and room taxes offset slight underperformance in sales and use tax collections,” according to Secretary Young.
“While we are pleased with these results relative to our updated revenue forecast in January, no conclusions should be drawn based on one month of data, especially at the beginning of tax season. Tax receipts and refunds that occur through the end of April will provide a better indication of how we are likely to finish the fiscal year compared to forecast,” concluded Secretary Young in the Agency of Administration’s regular monthly release of State revenue receipts.