Local News

Vermont’s revenue for January exceeds projections by $38 million, 11.7%

The General Fund, Transportation Fund and Education Fund all exceeded their monthly consensus cash flow targets, corresponding to the annual fiscal 2024 consensus forecast update as adopted by the emergency board at its January 2024 meeting. Revenue collections for the month of January 2024 receipts were a combined $362.4 million, exceeding the $324.4 million monthly consensus target by $38.0 million, or 11.7%, according to the monthly revenue release report by Agency of Administration, March 1.

Combined receipts are $38 million, or 2%, above the updated $1,863.1 million target adopted at the most recent emergency board meeting.

According to Administration Secretary Clouser: “The January revenue results represent the first time receipts have exceeded their targets for two consecutive months. This provides a small but welcome cushion as the state enters into the critical income tax filing season.”

General Fund revenues for January totaled $254.9 million, $29.6 million, or 13.1%, above the $225.3 million monthly consensus cash flow target. All receipts categories, except for a -$2.8 million underperformance by the corporate income tax, surpassed their combined targets by $32.4 million. Receipts are $29.6 million, or 2.4%, above their $1,245.2 million target adopted at the most recent emergency board meeting. 

Transportation Fund

Revenues in the Transportation Fund exceeded their $21.8 million January consensus target by $7.2 million, or 33.1%, yielding $29.1 million. All receipts categories, except for a -$0.2 million underperformance by the Gasoline Tax, surpassed their combined targets by $7.4 million. Receipts are $7.2 million, or 4.4%, above their $165.0 million target adopted at the most recent emergency board meeting. 

Education Fund

Monthly Education Fund revenues of $78.4 million were $1.2 million, or 1.5%, above their January $77.3 million cash flow target. The $3.5 million of combined receipts above target from the meals & rooms tax, the motor vehicle purchase and use tax, and Lottery receipts were offset by a combined -$2.3 million underperformance by the sales and use tax, and interest earnings. Receipts are $1.2 million, 0.3%, above their $452.9 million target adopted at the most recent emergency board meeting.

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