GOVERNOR PHIL SCOTT ISSUES STATEMENT ON FISCAL YEAR 2019 FISCAL OUTLOOK
Montpelier, Vt. – Governor Phil Scott today issued the following statement after the Emergency Board adopted a consensus revenue forecast for Fiscal Year (FY) 2019. The Emergency Board, created by law, is a five-member Board chaired by the Governor and is comprised of the chairs of the House and Senate money committees.
“Through sound management of both the State budget and federal tax changes, the revenues expected in the fiscal year beginning July 1, 2018 were increased by nearly $33 million to the General Fund and $17 million to the Education Fund.
“Unlike the last several years, we did not have to make budget rescissions or corrections because the revenue forecast exceeds the appropriations in the FY 2019 budget.
“To help Vermonters get ahead and keep more of what they earn, I have advocated for responsible fiscal management, ensuring the state budget does not grow faster than the rate of growth in Vermonters’ wages.
“After reviewing expected State revenues and spending, I believe the Vermont Legislature, particularly the House and Senate Committees on Appropriations, House Ways and Means and the Senate Finance Committee – as well as our Departments of Finance & Management, and Taxes – have a lot to be proud of in managing the State budget.”