The Vermont Agency of Administration’s monthly revenue report for October shows receipts above expectations.
The agency reports that Vermont’s General, Transportation and Education funds were a combined $253.9 million or 2 percent above expectations. For the fiscal year, which began July 1st, combined revenues are 6.7 percent above targets.
The report credits the higher receipts to “substantial strength in personal income taxes.” Rooms and meals taxes were also a key factor. Corporate income taxes were in the red during October and the agency says it will watch for the impact of higher interest rates on corporate profits and retail sales.