STATEMENT FROM GOVERNOR PHIL SCOTT ON MAY REVENUE
Montpelier, Vt. – Governor Phil Scott today issued the following statement:
“According to the Agency of Administration’s May revenue report, issued Tuesday, the State is now expecting even more surplus revenue than was forecasted last month. In addition to the $44 million surplus projected through a consensus forecast last month, the Administration’s economist forecasts at least $11 million more in surplus revenue is likely.
“This means the State will now have about $55 million in surplus revenue, in addition to $34 million in unanticipated settlement funds and $82 million from organic growth and economic activity. That’s a total of $171 million more than we had last year, and yet legislative leaders continue to insist on imposing a statewide property tax rate hike on Vermonters.
“I simply cannot accept this, and I will continue to advocate for my plan to prevent this unnecessary increase while fully funding school budgets, and implementing reforms to keep property tax rates level for five years and reinvest in improving the quality of our education system.”