State Government

Revenue surplus adds $52 million to pension fund

Thanks to a resurgent Vermont economy, state tax revenue is up – and that’s $52 million of good news for the state’s pension fund.

According to a quarterly revenue report posted today, the State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $38.8 million, or 18.2% above monthly consensus expectations from the January 19, 2021 upgraded consensus revenue forecast.

General Fund revenues collected for the month totaled $165.6 million, or $33.1 million above the monthly consensus revenue target. General Fund revenues year-to-date are $197.6 million, or 11.3% above the cumulative revenue target.

“Strong receipts in the General Fund were driven by the Personal Income Tax, which cumulatively brought in $124.4 million more than expected from the January consensus revenue forecast,” Administration Secretary Suzanne Young said. “The large surplus will allow us to put away more money in reserves and will, by operation of current law, also add over $52 million to the Vermont State Employees’ Postemployment Benefits Trust Fund.”

The Transportation Fund was $1.31 million, or 4.55%, above consensus expectations for the month, bringing in $30.03 million. Cumulatively in fiscal year 2021, the Transportation Fund receipts total $282.7 million, 2.82% above cumulative consensus expectations.

The Education Fund was $4.4 million, or 8.5%, above the monthly consensus target, having collected $56.3 million for the month. Cumulatively in fiscal year 2021, the Education Fund receipts total $620.9 million, 5.3% above cumulative consensus expectations from January.

“The extraordinary federal financial support, and the resurgent economic activity in Vermont which has contributed to elevated revenues, are likely to continue for at least the near-term, and possibly through most of the two-year consensus forecast update timeframe,” noted Young.

Categories: State Government

8 replies »

  1. What Revenue Surplus? It’s the Taxpayers’ money. The Government produces NOTHING. They take our money and is funding it to destroy our Constitution, our Republic, our businesses, the middle-class and the economy so we’ll bow down to the “new normal of Marxism”. Wake-Up and Stand Up for America!

  2. Certainly time to consider a tax decrease. There is so much money sloshing around in the economy that we should have more of it in our pockets, not VT government coffers.

  3. In 2019, the state pension fund was short 1,513,000,000.00 (that’s 1.513 Billion dollars) 52,000,000.00 is but a drop in the bucket at 3.44% of the total. If Vermont tax receipts were similar in every quarter (impossible) the pension fund would be fully funded in 30 quarters- or 7.5 years. That date assumes no further meddling by the legislatures for the next 8 years- an improbable feat.

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    Help Save Our Country and Make this the Most Watched Event in History.”

  5. I suspect, as usual, that as this ‘surplus’ is used to offset the government worker and teacher pension fund shortfall, any legislative or administrative consideration for reforming the pension system will be tabled. In case you’re listening, Governor Scott, I sure would like to be proven wrong.

  6. There’s no surplus anywhere. The US government is 28 Trillion in debt. By the time Joe Dementia and his tribe of thieves is done wrecking what’s left of America the crash will be dystopian and that’s how important it is to educate the currently brain dead voters. Not all of them, only the dem/prog voters who are either asleep, afraid to speak up, indoctrinated or just plain stupid. Don’t think it can happen here? That’s what 100 million people killed in the 20th century thought too. God help us! $28,000,000,000.000.00 (28 trillion), where is that coming from for repayment?

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