Vt. officials projecting $63M Education Fund surplus

Published: Dec. 2, 2022 at 2:51 PM EST
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MONTPELIER, Vt. (WCAX) - Vermont’s Education Fund is forecast to see a $63 million surplus.

The tax department each year issues projections for what statewide property taxes will look like to help communities build school budgets and help lawmakers set priorities at the Statehouse.

The Scott administration hopes to use part of that surplus to decrease the tax burden on Vermonters, but statewide education spending is also slated to increase by 8%.

Tax Commissioner Craig Bolio warns the surpluses won’t last forever. “I don’t think we should rely on such substantial surpluses as being the norm and perennial money that we can use. We need to make sure the system is sustainable moving forward,” he said.

Bolio says revenue projections may also grow by the time key lawmakers meet later this month. Ultimately, the Legislature will have to give the green light on any use for the surplus.