As expected, April Vermont revenue collections down sharply
A new indication on Friday of the massive blow to Vermont's economy from the coronavirus shutdown. It comes in the state's April tax revenue report.
The figures are staggering.
General fund tax collections for April were $106 million. That is $140 million below the original target for the month. That means the state collected 57% less in income, sales, meals and other taxes than expected.
Other tax categories that pay for roads and schools were also down sharply last month.
All of this was expected because of the closed economy and the extension of tax filing dates.
The state does expect some of the missing revenue will be made up when income tax filings come in.
The governor has proposed dipping into reserve funds to help make up the remaining shortfall in the state budget.