Vermont finished fiscal 2016 last month slightly below its revenue target for the year. But spending also was lower than projected, so the state's top budget officer says Vermont won't have to dip into any reserve funds.
The general fund, which pays for most state programs, finished the year 1.13 percent — or about $16 million — below the projection agreed to in January by forecasters. But that's actually a small slice of a projected revenue take of nearly $1.43 billion.
Administration Secretary Justin Johnson says general fund expenditures for the year have also come in under budget sufficient enough to compensate for the revenue shortfall.
Meanwhile, Johnson says the economic recovery continues. Vermont employers added 4,400 jobs in the past 12 months, and 17,200 since 2011.
Copyright 2016 The Associated Press. All rights reserved.
