Revenues basically on target’ for July
on target’ for July
MONTPELIER — Vermont’s July general fund revenues were just about on target with their forecast, coming in less than a third of a million dollars shy of their target of $103.5 million, Vermont Administration Secretary Jeb Spaulding said.
Collections exceeded those in July of 2012 by more than $11 million, Spaulding said Tuesday. But he said he can’t tell much about the state’s financial performance to come from the first month of the new fiscal year.
“It is nice to be basically on target for the month and significantly ahead of last year, but I caution against reading too much into collections from the first month of a new fiscal year,” he said. “July is not generally a good indicator of the fiscal year’s revenue trend and this month there were a few occurrences, such as a large estate tax settlement and technical adjustments in the corporate sector, which color the overall results.”
The personal income tax is the state’s largest source of revenue, and that missed its $51 million target by about two-thirds of a million dollars. Meanwhile, transportation fund revenues exceeded their $18 million target by about a third of a million dollars. They were up about 15 percent, mainly due to fuel tax increases that went into effect in May.