Vermont state economists are projecting revenues for fiscal years 2022 and 2023 will exceed earlier forecasts.
The Vermont Emergency Board reviews and adopts revenue forecasts developed by two economists each January and July. In the latest projections approved Friday, state economists expect revenues to exceed previous fiscal year 2022 predictions by $242 million and 2023’s by $268 million.
In a statement, Governor Phil Scott said “Given the nearly $200 million surplus in the General Fund in fiscal year 2021, the news about 2022 and 2023 does not come as a complete shock. However, the size of this revenue upgrade is still extraordinary. It is important we all remember that unprecedented federal spending on the recovery efforts is a major driver of what we’re seeing.”