Proposed Budget - Fiscal Year 2025
On January 23, Vermont Governor Phil Scott released his proposed budget for fiscal 2025, calling for total spending from all funds of $8.58 billion, a 1.2 percent decrease from recommended fiscal 2024 levels. General fund appropriations are recommended at $2.18 billion before transfers, a 9.6 percent reduction compared to recommended adjusted spending levels for fiscal 2024. Base general fund spending, excluding one-time changes and transfers, are recommended to increase 3.6 percent in fiscal 2025. The budget is based on forecasted base general fund revenue of $2.11 billion, or $2.22 billion after direct applications, reversions, transfers, and policy changes. Total general fund resources, including the prior-year carryforward balance, amount to $2.28 billion. The budget also recommends education fund appropriations totaling $2.35 billion. The budget projects an operating surplus of $101 million; of that amount, $81 million would be allocated to a series of funds (mostly the General Obligation Debt Service Fund) and $20 million would be designated for reserve deposits, leaving no unallocated general fund ending balance. Total general fund reserves are projected at $312 million in fiscal 2025, or about 14.3 percent as a share of recommended general fund appropriations.