Lawmakers consider cuts to address $28.8 million revenue downgrade
Economists told lawmakers on Friday that revenue for the state’s base operating budget will come in $28.8 million lower than expected this fiscal year.
Tom Kavet, the economist for the Vermont Legislature, and Jeffrey Carr, the economist for the Scott administration, downgraded fiscal year 2018 revenue to the general fund, which is used for miscellaneous expenditures including health care, human services, and running state government.
About $16.3 million of the downgrade is the result of anticipated refunds that the state needs to issue on corporate income taxes starting in October.
Additionally, Kavet told lawmakers to expect fiscal year 2018 tax revenue that goes to the transportation fund, which funds roads, to go down by $3.5 million. Education fund revenues for public schools are expected to go down by $2.2 million.
Read more: https://vtdigger.org/2017/07/21/lawmakers-consider-cuts-address-28-8-million-revenue-downgrade/