Vermont reports $30M budget surplus; will it last?
Tax dollars are piling up in Montpelier, putting the state on pace for a sizable budget surplus.
Through the first five months of the fiscal year, the Scott administration reports general fund tax revenues are running a $30 million surplus. That's 6.6 percent above the budget forecast.
Officials say personal income tax collections -- the money taken out of pay checks each week -- are driving that strong performance. They are up almost nine percent compared to last year. Sales and use taxes -- charged for things purchased items -- are up almost three percent. Meals and rooms taxes -- a strong measure of the tourism sector -- are up four percent over a year ago.
So, does this mean the state government is in good financial shape? And will this help fund new initiatives from the legislature in the coming year?
Political reporter Neal Goswami provides some perspective on the new revenue figures.