Vermont - Public finance

The budgets for two fiscal years are submitted by the governor to the general assembly for approval during its biennial session. The fiscal year runs from 1 July to 30 June.

In 2002/03 Vermont began experiencing revenue shortfalls. $26.7 million in cuts were made in the budget after enacted in across-the-board cuts, and drawings were made on the state's rainy day fund. In 2002/03 more cuts were made on the enacted budget, totaling $13.1 million, in across-the-board cuts. In 2000/01, the state had a beginning balance that equaled 5.1% of expenditures. General fund revenues, at $896 million in 2000/01, fell to $835 million in 2002 and to $854 million in 2002/03. They are projected below the 2000/01 level for 2003/04, at $882 million. In 2001/02, the beginning balance was only 1.5% of expenditures; in 2002/03, 1.7% and in 2003/04, 1.8% of projected expenditures. Fiscal year 2003 base appropriations, combining funds from the general fund, the transportation fund, the education fund and special state funds including the tobacco settlement fund, were for K-12 education (49%), higher education (3%), human services (18%), corrections (4%), protection (6%), general government (7%), transportation (7%), debt service (3%), commerce (1%), and natural resources (2%).

The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.