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How Well Does The Vermont Government Spend Money

Written By Monday, May 30, 2022 Add Comment Edit
Vermont budget and finances

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General information
Budget calendar:
Annual
Fiscal yr:
2017
State credit rating:
AA+ (as of 2017)
Current governor:
Phil Scott
Financial figures
Total spending (land and federal funds):
$5,562,000,000 (estimated 2016)
Per capita spending:
$8,905 (estimated 2016)
Total state tax collections:
$3,085,865,000 (2016)
Per capita tax collections:
$4,941 (2016)
State debt:
$iii,340,624,000 (2014)
Per capita state debt:
$five,336 (2014)
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State upkeep and finance pages • Full country expenditures • State debt • Tax policy in Vermont
Note: In comparison dollar amounts across the states, it is important to note that the toll of living tin differ from state to country and within a land. The amounts given on this page take not been adjusted to reflect these differences. For more information on "regional toll disparities" and the Consumer Price Index, come across the U.S. Department of Commerce, Agency of Economic Analysis. This commodity, which is updated on an annual ground, was terminal updated in June 2017. It contains information from several sources; consequently, the currency of the information can vary from source to source.

In Vermont, as in other states, lawmakers and public officials are elected in part to manage the state's finances. This includes generating revenues (money coming into the state from various sources) and approving expenditures (the money spent on governmental functions and servicing state debt). State budgets are circuitous and fluid, as they depend on anticipated revenues and planned expenditures, which may alter over the course of a fiscal year. If revenues do not go along pace with expenditures, states by and large take to enhance taxes, cut services, borrow money, or a combination of the three. Land budget decisions are also influenced by policy decisions at the national level, such as the Affordable Care Human action or energy and environmental regulations, and bug at the local level, such as offense and the quality of education.

HIGHLIGHTS

  • Between fiscal years 2015 and 2016, total authorities spending in Vermont increased by approximately $129.0 million—from $5.four billion in fiscal year 2015 to an estimated $v.vi billion in 2016. This represents a ii.4-percent increase.[1]

  • In Vermont in financial year 2015, 34.two percent of total revenue enhancement revenues came from property taxes. Income taxes accounted for 26.eight percent of total land revenue enhancement collections.

  • Education accounted for 33.v percent of land expenditures in fiscal yr 2015, while 28.5 per centum went to Medicaid.

    • Definitions

    The following terms are used to describe a land's finances:

    • Revenues come up mainly from tax collections, licensing fees, federal aid, and returns on investments.
    • Expenditures generally include spending on government salaries, infrastructure, didactics, public pensions, public assistance, corrections, Medicaid, and transportation.
    • State debt refers to the money borrowed to make up for a arrears when revenues do non encompass spending.
    • The land credit rating is the course given by a credit rating agency based on the full general financial health of the state's government and economic system.
    • Country funds include general and other state-based funds. A general fund is "the predominant fund for financing a state's operations." Other state funds are "restricted by law for particular governmental functions or activities."[2]
    • Federal funds are "funds received directly from the federal government."[2]
    • Full spending is calculated past calculation together the totals for country and federal funds used for expenditures.

    Revenues

    2016 revenues

    Encounter likewise: Land government tax collections by source

    The table below breaks downward state government tax collections by source in 2016 (comparable figures from surrounding states are besides provided to give boosted context). Figures for all columns except "2016 population" and "Per capita collections" are rendered in thousands of dollars (for example, $2,448 translates to $2,448,000). Figures in the columns labeled "2016 population" and "Per capita collections" have non been abbreviated.[3]

    State tax collections by source ($ in thousands), 2016
    State Property taxes Sales and gross receipts Licenses Income taxes Other taxes Total 2016 population Per capita collections
    Vermont $1,056,323 $i,031,257 $117,328 $828,322 $52,635 $3,085,865 624,594 $iv,941
    Maine $35,425 $2,077,913 $272,253 $1,689,129 $55,522 $four,130,242 i,331,479 $iii,102
    Massachusetts $5,818 $8,683,866 $1,122,219 $sixteen,764,223 $706,879 $27,283,005 six,811,779 $iv,005
    New Hampshire $406,394 $982,832 $329,549 $788,210 $134,961 $two,641,946 1,334,795 $1,979
    United States $18,364,298 $442,909,995 $52,164,396 $392,286,910 $24,538,146 $930,263,745 322,762,018 $2,882.20
    Source: U.South. Demography Agency, "2016 annual survey of state government tax collections past category," accessed June 26, 2017

    The tabular array below lists 2016 tax collections by source equally percentages of total collections. About 34.2 percent of Vermont's total state revenue enhancement collections came from holding taxes.[3]

    State taxation collections by source (as percentages), 2016
    State Holding taxes Sales and gross receipts Licenses Income taxes Other taxes
    Vermont 34.2% 33.4% 3.eight% 26.8% 1.vii%
    Maine 0.nine% fifty.3% 6.6% 40.9% 1.3%
    Massachusetts 0.0% 31.eight% 4.1% 61.4% 2.half dozen%
    New Hampshire fifteen.iv% 37.2% 12.5% 29.eight% v.1%
    Source: U.South. Census Bureau, "2016 almanac survey of country regime tax collections by category," accessed Apr 4, 2016

    Federal aid to the country budget

    See also: Federal assistance to country budgets

    State governments receive aid from the federal authorities to fund a diverseness of joint programs, mainly in the form of grants for such things as Medicaid, instruction, and transportation. In 2014, federal aid to the states accounted for roughly 31 percent of all state general revenues. Federal aid varies from state to state. For example, Mississippi received approximately $7.ii billion in federal aid in 2014, accounting for well-nigh 41 percent of the land'due south general revenues, the highest percentage of all of the states. By contrast, Due north Dakota received almost $1.5 billion in federal aid in 2014, or just 17 percent of the state's general revenues, the everyman percentage in the nation.[iv]

    The tabular array below notes what share of Vermont's general revenues came from the federal government in 2014. That year, Vermont received approximately $1.9 billion in federal aid, 33.6 pct of the country's full general revenues. Taking into consideration the country's 2014 population, this came out to about $3,091 in federal aid per capita. Figures from surrounding states are provided for additional context.[4]

    Federal assistance to state budgets, 2014
    Land Total federal aid ($ in thousands) Federal aid as a % of general revenues Ranking (by % of full general revenues) Est. 2014 population Aid per capita
    Vermont $i,938,148 33.6% 20 626,984 $3,091
    Maine $ii,997,132 36.6% 9 i,330,719 $ii,252
    Massachusetts $13,658,836 27.viii% 37 half dozen,749,911 $2,024
    New Hampshire $1,658,713 28.0% 36 1,328,743 $1,248
    Sources: United States Census Agency, "2014 State and Local Government Finances," accessed June 26, 2017
    Notation: Per-capita figures were generated past Ballotpedia by dividing total federal help for the state by the estimated population of that state in 2014.

    Spending

    Estimated 2016 expenditures

    Meet as well: Total state expenditures

    The table below breaks down estimated spending totals for fiscal year 2016 (comparable figures from surrounding states are included to provide additional context). Figures for all columns except "Population" and "Per capita spending" are rendered in millions of dollars (for example, $2,448 translates to $2,448,000,000). Figures in the columns labeled "Population" and "Per capita spending" take not been abbreviated.[5]

    The full estimated government spending in Vermont in fiscal twelvemonth 2016 was $5.6 billion.

    Total estimated state spending, FY 2016 ($ in millions)
    State State funds Federal funds Total spending Population Per capita spending
    Vermont $three,546 $two,016 $v,562 624,594 $8,905
    Maine $5,519 $2,536 $8,055 one,331,479 $half dozen,050
    Massachusetts $50,652 $9,751 $60,403 6,811,779 $viii,867
    New Hampshire $3,623 $2,162 $5,785 1,334,795 $4,334
    Per-capita figures are calculated by taking the country'southward total spending and dividing by the number of state residents co-ordinate to United States Demography Bureau estimates.
    Source: National Association of Country Budget Officers, "Country Expenditure Report (Fiscal 2014-2016)," accessed June 26, 2017

    Spending by function

    Run across also: Country spending by function as a percent of total expenditures

    State spending in Vermont can be further broken down by role (elementary and secondary pedagogy, public assistance, etc.). Financial twelvemonth 2015 information is included in the table below (data from neighboring states is provided for additional context). Figures are rendered as percentages, indicating the share of the full budget spent per category.[5]

    In fiscal year 2015, education accounted for 33.v per centum of Vermont's total expenditures.

    Country spending past function as a per centum of full expenditures, FY 2015
    State K-12 education Higher pedagogy Public assistance Medicaid Corrections Trans-
    portation     		Other
    Vermont 31.eight% 1.7% 2.0% 28.5% 2.ix% x.nine% 22.ii%
    Maine 17.6% 3.viii% 2.1% 32.8% two.two% 8.5% 33%
    Massachusetts eleven.6% 10.1% ii.one% 23.8% 2.iv% 9.ane% 41.0%
    New Hampshire xx.seven% 2.4% one.3% 29.7% 2.1% 9.four% 34.4%
    Source: National Association of Land Budget Officers
    Notation: "Other" expenditures include "Children's Health Insurance Plan (CHIP), institutional and customs care for the mentally ill and developmentally disabled, public wellness programs, employer contributions to pensions and health benefits, economic development, ecology projects, country police, parks and recreation, housing and general aid to local governments."[v]

    Spending trends

    The table below details the spending trends in Vermont in previous years. Figures are rendered as percentages, indicating the share of the total budget spent per category.[ane] [6] [vii]

    Spending past function from 2010 to 2015 (as percentages)
    Year K-12 didactics Higher education Public aid Medicaid Corrections Transportation Other
    2015 31.eight% i.seven% 2.0% 28.v% 2.9% 10.nine% 22.two%
    2014 31.vii% 1.eight% two.2% 26.8% 2.8% 10.iv% 24.4%
    2013 32.0% 1.eight% ii.3% 28.3% 2.9% 10.9% 21.7%
    2012 31.1% 1.viii% 2.1% 25.3% 2.viii% 12.8% 24.two%
    2011 31.9% 2.0% 2.2% 25.5% 2.9% 10.ix% 24.5%
    2010 33.0% 2.two% 2.two% 25.9% 2.9% nine.8% 23.8%
    Source: National Association of State Budget Officers
    Notation: "Other" expenditures include "Children's Health Insurance Program (CHIP), institutional and community treat the mentally ill and developmentally disabled, public health programs, employer contributions to pensions and health benefits, economic development, environmental projects, land police, parks and recreation, housing and general aid to local governments."[5]

    State debt

    Run into also: Vermont state debt

    Country debt refers to whatsoever debt owned by a state government. Debt may include any financial obligations a state has that have not been paid, such every bit bonds issued by country governments, money borrowed by a state regime that has not been repaid, or post-retirement benefits promised to state employees. Co-ordinate to the U.S. Census Agency, Vermont had a debt of $3,340,624,000 in fiscal year 2015. The state debt per capita was $five,336. This ranked Vermont 45th amid the states in debt and ninth in per capita debt. The total country debt endemic by the fifty states was $one.15 trillion with a per capita debt of $three,582.[8]

    Economical indicators

    See too: Economic indicators past country

    Vermont'southward Gross domestic product increased by 0.vi percent in 2014. Click the paradigm to view a larger version.

    Broadly defined, a healthy economy is typically one that has a "stable and strong rate of economic growth" (gross state product, in this case) and low unemployment, among many other factors. The economic health of a state can significantly impact its healthcare costs, insurance coverage, access to intendance, and citizens' concrete and mental health. For instance, during economic downturns, employers may reduce insurance coverage for employees, while those who are laid off may lose coverage altogether. Individuals also tend to spend less on non-urgent care or postpone visits to the doctor when times are hard. These changes in plough may touch the decisions made by policymakers as they react to shifts in the industry. Additionally, a person's socioeconomic status has profound effects on their access to care and the quality of care received.[9] [ten] [11]

    Among its neighboring states, Vermont had the smallest portion of residents (9 percent) that earned incomes below 100 percent of the federal poverty level in 2013. The median annual household income in the state was $56,175. Vermont had the lowest unemployment rate in September 2013, with little change over the post-obit year.[12] [13] [14] [15]

    Annotation: Gross land product (GSP) on its own is non necessarily an indicator of economic wellness; GSP may besides exist influenced by state population size. Many factors must be looked at together to assess state economic health.

    Various economic indicators by land
    Country Distribution of population by FPL* (2013) Median annual income (2011-2013) Unemployment charge per unit Total GSP (2013)†
    Under 100% 100-199% 200-399% 400%+ Sept. 2013 Sept. 2014
    Vermont 9% nineteen% 31% 40% $56,175 4.five% iv.four% $29,509
    Maine 12% xx% 31% 37% $50,668 6.half dozen% 5.viii% $54,755
    Massachusetts 12% 15% 24% 49% $64,555 7.2% half dozen% $446,323
    New Hampshire 9% 13% 29% 49% $69,888 5.2% four.3% $67,848
    United States 15% 19% 30% 36% $52,047 7.ii% five.9% $16,701,415
    * Federal Poverty Level. "The U.S. Census Bureau'due south poverty threshold for a family with two adults and one child was $eighteen,751 in 2013. This is the official measurement of poverty used by the Federal Government."
    † Median almanac household income, 2011-2013.
    ‡ In millions of electric current dollars. "Gross State Product is a measurement of a state's output; it is the sum of value added from all industries in the state."
    Source: The Henry J. Kaiser Family Foundation, "State Wellness Facts"

    Budget process

    State documents and agencies
    Below are links to official Vermont budget and financial documents. The starting time is the state's Comprehensive Annual Financial Report (CAFR). A CAFR is a detailed presentation of a government entity's financial condition. This includes fiscal activities and balances for a fiscal year. The 2d link is to the land's relevant budget agency or part.
    • Vermont CAFR
    • Vermont upkeep agency

    The country operates on an almanac budget bike. The sequence of key events in the budget process is as follows:[16]

    1. Budget instructions are sent to state agencies in September of the yr preceding the start of the new fiscal year.
    2. Agencies submit their upkeep requests to the governor in Oct.
    3. Agency hearings are held in October and Nov.
    4. The governor submits his or her proposed budget to the state legislature in January.
    5. The legislature typically passes a upkeep in May. A simple bulk is required to pass a budget. The fiscal year begins July one.

    In Vermont, the governor cannot do veto authority over the upkeep.[16]

    The governor is not legally required to submit—and the legislature is not legally required to laissez passer—a counterbalanced upkeep.[sixteen]

    Agencies, offices, and committees

    The post-obit standing committees in the Vermont State Legislature deal with budget and finance matters:

    1. Appropriations Committee, Vermont House of Representatives
    2. Appropriations Commission, Vermont Country Senate
    3. Finance Committee, Vermont State Senate
    4. Fiscal Commission, Vermont Land Legislature

    Public Interest Research Group 2016 report

    The U.S. Public Interest Research Group, a consumer-focused nonprofit arrangement based in Washington, D.C., released its annual study on country transparency websites in April 2016. The report, entitled "Following the Money," measured how transparent and accountable state websites were with regard to state government spending. According to the report, Vermont received a grade of B+ and a numerical score of 88, indicating that Vermont was "Advancing" in terms of transparency regarding country spending.[17]

    Budget and finance ballot measures

    Voting on state and local government budgets, spending, and finance
    State finance.jpg
    Policy
    Budget policy
    Ballot measures
    By state
    Past year
    Not on election
    See likewise: Country and local government budgets, spending and finance on the ballot and List of Vermont election measures

    Ballotpedia has tracked no election measures relating to land and local upkeep and finance matters in Vermont

    Budget and finance legislation

    The post-obit is a list of contempo budget and finance bills that have been introduced in or passed by the Vermont state legislature. To learn more virtually each of these bills, click the nib championship. This information is provided by BillTrack50 and LegiScan.

    Annotation: Due to the nature of the sorting process used to generate this list, some results may not be relevant to the topic. If no bills are displayed below, no legislation pertaining to this topic has been introduced in the legislature recently.

    Recent news

    The link below is to the almost contempo stories in a Google news search for the terms Vermont budget. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.

    Contact information

    Vermont Department of Finance and Management
    109 State Street
    Montpelier, Vermont 05609
    Telephone: 802-828-2376

    Run across too

    • Historical Vermont budget and finance information
    • Tax policy in Vermont
    • Vermont government sector lobbying
    • Vermont public pensions
    • Governor of Vermont
    • Vermont State Senate
    • Vermont Business firm of Representatives
    • Vermont Country Legislature

    Footnotes

    1. ↑ 1.0 1.one National Association of State Budget Officers, "Land Expenditure Report (Financial 2014-2016)," accessed June 26, 2017
    2. ↑ 2.0 ii.i National Association of State Budget Officers, "State Expenditure Study: 2013-2015," accessed April 7, 2016
    3. ↑ three.0 3.1 U.South. Census Bureau, "2016 annual survey of state government tax collections by category," accessed June 26, 2017
    4. ↑ iv.0 4.ane United states of america Census Bureau, "2014 Land and Local Government Finances," accessed June 26, 2017
    5. ↑ 5.0 5.one 5.2 v.3 National Clan of State Budget Officers, "Summaries of Fiscal Year 2015 Proposed and Enacted Budgets," July 11, 2014
    6. ↑ National Association of Land Upkeep Officers, "Country Expenditure Report, 2009-2011," accessed February 24, 2014
    7. ↑ National Clan of State Budget Officers, "Country Expenditures Report, 2010-2012," accessed Feb 24, 2014
    8. ↑ United States Census Bureau, "Land Government Finances," accessed June iv, 2017
    9. ↑ Academy Health, "Touch of the Economy on Health Intendance," Baronial 2009
    10. ↑ The Chat, "Budget explainer: What do fundamental economic indicators tell us about the state of the economy?" May 6, 2015
    11. ↑ Wellness Affairs, "Socioeconomic Disparities In Health: Pathways And Policies," accessed July 13, 2015
    12. ↑ The Henry J. Kaiser Family Foundation, "Distribution of Full Population by Federal Poverty Level," accessed July 17, 2015
    13. ↑ The Henry J. Kaiser Family unit Foundation, "Median Annual Household Income," accessed July 17, 2015
    14. ↑ The Henry J. Kaiser Family unit Foundation, "Unemployment Rate (Seasonally Adjusted)," accessed July 17, 2015
    15. ↑ The Henry J. Kaiser Family Foundation, "Total Gross State Production (GSP) (millions of electric current dollars)," accessed July 17, 2015
    16. ↑ 16.0 xvi.1 16.two National Clan of State Upkeep Officers, "Budget Processes in the States, Leap 2015," accessed February 3, 2021
    17. ↑ U.S. Public Involvement Research Group, "Following the Money 2016 Study," accessed June 29, 2017
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    Source: https://ballotpedia.org/Vermont_state_budget_and_finances#:~:text=Between%20fiscal%20years%202015%20and,represents%20a%202.4%2Dpercent%20increase.

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