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Vt. state revenues 'disappointing' in March

MONTPELIER, Vt. (AP) -- Vermont's three main sources of revenue came in below expectations last month, Administration Secretary Jeb Spaulding said Thursday.

Spaulding said it was still possible that the general fund shortfall could be made up in April, but it's unlikely it will be possible to make up the looming shortfall in the Transportation fund, highlighting the need to have the Legislature change the way the state collects revenues for roads and bridges.

"There is no way around it, March general fund receipts were disappointing," Spaulding said.

Despite last month's lower-than-expected general fund revenues, for the fiscal year that began in July, the state has taken in almost 6 percent more than last year.

In March, general fund revenues were about 3.2 percent below projections, but for the fiscal year that ends in June the state has almost reached its target of $887.3 million.

The Transportation Fund revenues for March were almost 7.5 percent below expectations. For the year that figure is 1.6 percent below the target of $162.5 million, but the fund is still ahead of last year's figure.

The non-property tax education fund receipts for March were almost 3.4 percent below the target.