MONTPELIER, Vt. (AP) -- Vermont state revenues were off for the month of June, but came in more than $26 million stronger than expected for the fiscal year that ended June 30, Administration Secretary Jeb Spaulding announced Thursday.
He said June receipts were down due to higher-than-expected tax refunds both for personal and corporate income tax payers.
In addition, the previous softness in insurance and estate tax collections continued, Spaulding said in his monthly revenue statement.
"Overall, though, the fact that all four of the major General Fund categories ... were up for the year compared to last year continues the positive trajectory we have been on since emerging from the Great Recession," he said. Those categories include personal income, sales and use, rooms and meals and corporate income taxes.
Gov. Peter Shumlin said the continuing debate over fiscal policy in Washington and uncertainty in the global economy meant Vermont still faced challenges. But, "the year-end results for the state budget add to our confidence that we are on the right path," he said.
While general fund revenues were below the forecast for the month and above it for the year, the situation was just the opposite for transportation fund. Revenues coming into that fund were about $1 million short of their $229.1 million target for the fiscal year, but got a boost in the last two months because of an increase in the gasoline tax.
"Transportation Fund receipts exceeded target for June, primarily due to the gas tax increase that went into effect May 1st and for which we are now seeing receipts," Spaulding said. "Without this gas tax increase the Transportation Fund receipts would have been below target for the month."