State tax revenue below forecast - WCAX.COM Local Vermont News, Weather and Sports-

State tax revenue below forecast

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A second bad month in a row for state tax collections, but the Shumlin administration is not overly concerned. General fund rrevenues for May came in seven percent under target.

The shortfall is due mainly to weak personal income tax collections. May's take was 11 percent under budget. That follows a 15 percent shortfall in April.

Finance Commissioner Jim Reardon says revenues are now short of annual projections by about half a percent, but in actual dollars remain about two percent ahead of last year.

He says the shortfall is a relatively minor problem and the budget should not need to an adjustment.

"I'm comfortable that despite being slightly off-target we will, as we always have, we will balance our budget at the end of the year," said Reardon.

Reardon says he sees an upward trend in revenues year over year.

He says the underperformance is almost balanced out by over-performing revenue streams, like the sales and rooms taxes and the estate tax.

He says June's figures could solve the problem, if not his department will re-evaluate in July.

See the state tax revenues that came in seven percent under target in May.

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