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.
($000) | PERCENT | PER CAPITA | |
Population (thousands, 2001) | 613 | (X) | (X) |
Total Revenue | 3,143,100 | 100.00 | 5,127.41 |
General revenue | 3,106,668 | 98.84 | 5,067.97 |
Utility revenue | – | – | – |
Liquor store revenue | 32,864 | 1.05 | 53.61 |
Insurance trust revenue | 3,568 | 0.11 | 5.82 |
Exhibit: Salaries and wages | 535,854 | 15.90 | 874.15 |
Total expenditure | 3,370,929 | 100.00 | 5,499.07 |
General expenditure | 3,200,408 | 94.94 | 5,220.89 |
Education | 1,315,939 | 39.04 | 2,146.72 |
Public welfare | 763,765 | 22.66 | 1,245.95 |
Hospitals | 9,205 | 0.27 | 15.02 |
Health | 77,440 | 2.30 | 126.33 |
Highways | 256,299 | 7.60 | 418.11 |
Police protection | 43,112 | 1.28 | 70.33 |
Correction | 71,988 | 2.14 | 117.44 |
Natural resources | 82,291 | 2.44 | 134.24 |
Parks and recreation | 13,572 | 0.40 | 22.14 |
Government administration | 203,496 | 6.04 | 331.97 |
Interest on general debt | 124,945 | 3.71 | 203.83 |
Other and unallocable | 238,356 | 7.07 | 388.84 |
Utility expenditure | 4,384 | 0.13 | 7.15 |
Liquor store expenditure | 31,220 | 0.93 | 50.93 |
Insurance trust expenditure | 134,917 | 4.00 | 220.09 |
Debt at end of fiscal year | 2,325,609 | 100.00 | 3,793.82 |
Cash and security holdings | 4,679,114 | 100.00 | 7,633.14 |