Revenue results in for the state

Secretary of Administration Jeb Spaulding just released the January revenue results for the state, which were below projections by $1.6 million. That means you can subtract $1.6 million from the roughly $26 million extra (which is the amount projected in excess of the original projections used to create the FY11 state budget) that Gov. Shumlin planned to carry over into the FY12 budget to help plug the budget gap.

Looking a little deeper into the numbers, the income tax receipts and the sales & use tax receipts were down, while the corporate income tax receipts were above the target. At the Emergency Board meeting in January, the state's economists warned that while revenues for the last 6-12 months have been doing slightly better than expected, they project that this probably does not signal a rapid turnaround. Rather, slow growth will be the case for the next year or two.

However, one month does not make or break the state. The full report:

Download Jan 2011 Revenue Press Release1

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