MONTPELIER — State revenues declined sharply in April, bringing the year-to-date revenues of the state’s General Fund below its target with two months remaining in the fiscal year. Secretary of Administration Susanne Young said Thursday that General Fund revenues collected in April totaled $201.1 million, which is $21.65 million below its monthly target. The monthly haul missed the target set in January by the state’s Emergency Board by 9.7 percent. The poor showing last month was driven by a steep decline in the personal income tax, which was $25.34 million less than expected. Corporate tax collected in April were ahead of projections by $3.94 million. Continue Reading →
MONTPELIER — The Senate Education committee has unanimously voted to oppose Gov. Phil Scott’s plan to mandate that all school budgets be leveled-funded next year — and that rejection has broad budget implications. That’s because the governor had hoped to deal with a budget gap in the state’s General Fund, in part, by transferring early education, higher education and teacher retirement programs over to the Education Fund. The roughly $50 million price tag for this transfer was to be offset by a plan to require that all local school budgets not grow at all next year. The governor’s proposal would also require all teachers to pay for 20 percent of their health care premiums.
Because many school boards are finalizing their budgets for next year, the governor proposed moving all local budget votes from Town Meeting Day in March to late May to give the boards more time to reduce their budgets. Senate Education chairman Phillip Baruth says the governor’s plan is unfair to local school boards. Continue Reading →
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MONTPELIER — General fund revenues are lagging halfway through the state fiscal year and the administration of new Republican Gov. Phil Scott is preparing for state economists to project a revenue downgrade later this month for the second half of the fiscal year. New Secretary of Administration Susanne Young released revenue figures for December on Wednesday, which showed the general fund coming in $2.78 million below its monthly target set. Total general fund revenues last month were $127.33 million. The state Emergency Board, compromised of the governor and the chairs of the four money committees in Legislature, last set revenue targets in July 2016. State economists will present a new revenue forecast to the Emergency Board later this month. Continue Reading →
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MONTPELIER — Gov.-elect Phil Scott announced two major appointments to his cabinet Tuesday, naming current Deputy Attorney General Susanne Young as his secretary of the Agency of Administration and Green Mountain Care Board Chairman Al Gobeille as secretary of the Agency of Human Services. Scott, a Republican who defeated Democrat Sue Minter last month to become the state’s 82nd governor, announced the two cabinet-level appointments along with a trio of staff who will work in the governor’s office when Scott is sworn in early next month in a news release Tuesday afternoon. “Susanne and Al are both accomplished and highly respected leaders who share my focus on making Vermont’s economy stronger and our state more affordable for businesses and families,” Scott said in a statement. “Together, they will be a strong and dynamic team, working together to modernize state government, put our state budget on a more sustainable path and move our healthcare priorities forward.”
Young, 60, will become, will become one of the most influential people in state government. The Agency of Administration oversees most aspects of state government, including development of the state budget. Continue Reading →