MONTPELIER —All three of the state’s major funds hit their revenue targets in December, the Shumlin administration announced Tuesday.
Secretary of Administration Jeb Spaulding said the general, transportation and education funds all beat expectations. With the December boost, the transportation and education funds are running slightly ahead of their targets for the year, according to Spaulding.
The general fund, beat its December target by $7.6 million, narrowing the the fund’s overall gap this year to $11.1 million below target.
“I am encouraged that personal income withholding tax receipts, which are closely associated with wages, exceeded [the] target in December, for the first time this fiscal year. I am also pleased that consumption taxes, including Sales, Rooms & Meals, and Motor Vehicle Purchase & Use, are also running well ahead of last year …,” Spaulding said in a prepared statement.
The Shumlin administration has already begun pursuing about $12 million in spending reductions to match the lagging general fund.
General fund revenues totaled $131.39 million in December 2014, which was 6.11 percent ahead of the monthly target. For the current fiscal year, general fund receipts total $643.95 million, down $11.07 million, or 1.69 percent, below target.
The transportation fund generated $21.67 million in revenue for the month, $1.9 million, or 9.61 percent above the monthly target. For the year, transportation revenues total $128.2 million, about 0.89 percent ahead of the target.
Finally, the education fund netted $14.3 million in December, exactly 1 percent ahead of its monthly target. Year-to-date education fund revenues are $1.25 million, or 1.42 percent, ahead of the target.