Vermont revenues off in July, budget cuts needed
MONTPELIER (AP) - Administration Secretary Jeb Spaulding says Vermont General Fund revenues came in almost 1.8 percent below forecasts in July.
Spaulding released Vermont's monthly revenue report on Thursday.
In July, the first month of the fiscal year, General Fund revenues were about $1.8 million below projections.
Spaulding says the results reinforce the need to implement a spending reduction plan.
The state had projected this year's state revenues to grow 4.8 percent over last year, but last month officials reduced that estimate to 3 percent, leaving the state with about $31 million less to spend.
At the time, Gov. Peter Shumlin told state agency heads to reduce their budgets by 4 percent.
Spaulding says the transportation and education funds came in ahead of projections.
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