The Shumlin administration is expecting economists to issue a downgraded revenue forecast this week, continuing a trend of lackluster revenue growth in recent years.
The Vermont Press Bureau reported on Monday that the state’s Emergency Board — comprising the governor and the heads of Legislature’s four money committees — will gather Thursday to receive a new consensus forecast. The updated revenue prediction is not expected to be good news.
Reporter Neal Goswami writes:
Administration Secretary Justin Johnson said the administration expects Tom Kavet and Jeff Carr, consulting economists for the administration and lawmakers, to predict lower revenues for the 2017 fiscal year than they first forecast in January. The revenue forecast accepted by the Emergency Board in January already included a $9.1 million downgrade for 2017. While revenues are still expected to grow over the 2016 fiscal year results, it will be less than was expected in January.
