April revenue exceeded two key targets but Vermont’s education fund fell short, Secretary of Administration Michael Smith reported last week.
Revenue targets were revised on April 15 by an emergency board due to concerns about the health of the national economy. Revenue targets are usually updated twice a year, in January and July. The April revision increased projected general fund revenues for the month but decreased transportation and education revenues compared to the January update.
The non-property tax portion of education fund receipts in April totaled $13.6 million, $1.14 million below the $14.7 million target. Non-property taxes make up about 11% of education fund revenues. They include revenue from sales and use taxes, purchase and use taxes, lottery receipts, and investment income. April’s non-property tax education fund revenues were $280,000 below April 2007 receipts.
Vermont’s general fund revenues in April totaled $193.6 million, $6.1 million above the revised forecast. Personal income receipts, the largest single source of state revenue, came in at $145.9 million, $7.7 million ahead of the revised target and ahead of the $140.6 million collected in April 2007. The state’s transportation fund revenue was $170,000 above its $19.7 million revised April target.