Vermont revenues ahead of target, but problems loom
MONTPELIER, Vt. (AP) — The Vermont Agency of Administration says state revenues were ahead of projections in November, but officials are worried the good news won’t last into 2021.
Figures released Friday showed that the General, Transportation and Education funds were all ahead of the forecast set last August by more than $109 million.
But the August figure had been downgraded from the state’s pre-COVID-19 forecasts.
“Though higher than anticipated revenue is good news, the revenue target adopted in August was significantly below pre-pandemic expectations,” Secretary of Administration Susanne Young said in a statement. “We remain concerned that revenue collections will revert to forecasted levels as federal stimulus payments and economic recovery grants are scheduled to end this month.”
News that additional stimulus money could be coming from Congress and that the COVID-19 vaccine is beginning to be given to people across the country are encouraging development, she said.