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State looks to offset $31M downgrade in revenue


The state's economists say Vermont revenues will fall $31 million short of projections in fiscal year 2015. The revenue downgrade represents a 1.8 percentage point drop in anticipated state revenue.


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State looks to offset $31M downgrade in revenueANNE GALLOWAY, VTDigger.orgPosted:   07/26/2014 01:00:00 AM EDT var requestedWidth = 0; if(requestedWidth Peter Shumlin and Secretary of Administration Jeb Spaulding announced a reduction in revenue forecasts for fiscal year 2015 at a news conference Thursday, July 24 (Photo by John Herrick/VTDigger) if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } The state's economists say Vermont revenues will fall $31 million short of projections in fiscal year 2015. The revenue downgrade represents a 1.8 percentage point drop in anticipated state revenueOverall growth in fiscal year 2015 will be 3 percent instead of the 4.8 percent gain projected in January. The revised estimate followed a nearly $9 million budget gap in fiscal year 2014Revenues came in close to target, but from a different mix of sources than expectedPersonal income taxes, along with sales and use revenues, were down; receipts from the Department of Financial Regulation, which collects on insurance, banking and securities transactions, came in a bit high. Ultimately the fiscal year ending June 30 was closed with a zero balance with help from the Rainy Day Fund and an unexpected windfall from the estate taxThe estate tax revenue was so high, in fact, there was enough left over to build the Rainy Day Fund back up, ending at $5 million. Looking back on FY14, state economists lowered their expectations for the future. GovPeter Shumlin emphasized in a briefing with the media Thursday morning that the reduction in predicted receipts in FY15 is a "minor adjustment" to the $1.4 billion General Fund. Shumlin said he would reduce state spending by $31 million in response to the downgradeThe governor has asked state agencies to reduce their budgets by 4 percent.Advertisement

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