Joint Fiscal Committee

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Lawmakers approve budget rescission plans

MONTPELIER — The Legislature’s Joint Fiscal Committee has unanimously backed a plan presented by the Scott administration to reduce General Fund spending in the 2018 fiscal year budget by $12.6 million. The panel of House and Senate members met Thursday to review the plan, which was necessitated by a revenue downgrade issued last month. Economists for Gov. Phil Scott and the Legislature downgraded expected state revenues for the current fiscal year by $28.8 million, including $16.3 million in pending corporate tax refunds carried over from the 2017 fiscal year. The state’s Emergency Board last month approved a plan to pay for the refunds. The state’s Transportation Fund was also downgraded by $3.5 million. Continue Reading →

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Scott administration to present budget rescission plan Thursday

MONTPELIER — The Scott administration will present its plan Thursday to cut $12.6 million from the state’s General Fund and $3.5 million from the Transportation Fund to balance the state budget after a revenue downgrade was issued last month. Administration officials will meet with the Legislature’s Joint Fiscal Committee Thursday. The plan relies primarily on the expected generation of new revenue, some budget cuts and some reversions, or reallocating previously unspent funds. The administration’s budget rescission plan comes after economists for the administration and Legislature issued a revenue downgrade in July. The General Fund was downgraded by $28.8 million, including $16.3 million that is expected to be paid out in the form of corporate income tax refunds during the 2018 fiscal year. Continue Reading →

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