Vermont state budget (2010-2011)

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Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances.


Vermont faced an estimated $150 million budget shortfall for FY 2011.[1] The Vermont General Assembly and Gov. James Douglas agreed on a budget on May 12, 2010.[2]

Vermont had total state debt of $2,872,679,072 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[3]

2011 State spending & deficit in billions[4]
Total spending Health and human services Education Protection Other
$4.76 $1.3 $1.3 $0.55 $1.6
2011 Local spending & deficit in billions[5]
Total spending Pension Healthcare Education Welfare Protection Transport Debt
$2.7 $0.0 $0.0 $1.4 $0.0 $0.1 $0.2 $1.1

Fiscal Year 2011 Vermont State Budget

Because the state's three main funds ended the year slightly higher than previously expected, the Emergency Board that periodically reviews Vermont’s finances and did so on July 16, 2010, increased the General Fund by roughly $3.8 million, the Transportation Fund by just under $500,000 and the Education Fund by $1.8 million.[6]

Facing a budget shortfall of at least $38 million dollars, Gov. James Douglas and lawmakers engaged in a process they named Challenges for Change.[7] Challenges for Change was authorized by Act 68 (the Challenges Bill) of the 2009-2010 legislative session and was a budget initiative intended to "make Vermont government and services more effective so that better results were delivered at lower cost to taxpayers."[8] The Challenges for Change process started with outcomes and said, ‘what were the outcomes that we want to achieve', and laid upon those outcomes a budget constraint."[9]

The Challenges for Change Progress Report issued on March 30, 2010 stated that a joint public hearing would be scheduled within ten days after the report was issued and the legislative committees of jurisdiction would take testimony and receive public input immediately.[8] The Challenges for Change Progress Report stated: "Clients and taxpayers were better served by a few coordinated programs with more flexibility than a confusing morass of hundreds of programs. Service delivery needs to and can focus on clients rather than programs."[8][10]

Vermont Fiscal Year General Fund Revenues Comparison:[11]

2004 2005 2006 2007 2008 2009 2010 2011 (est.)
$967 million $1.035 billion $1.112 billion $1.151 billion $1.200 billion $1.103 billion $1.025 billion $1.084 billion

Budget background

Vermont's fiscal year 2010 began July 1, 2009 and ends June 30, 2010. In January, when the Legislature convenes, the Governor presents the budget proposals with a formal address to a joint meeting of all House and Senate members. Once both the House and the Senate approve all of the appropriations and make any necessary changes the Governor makes the final approval. Should any changes be necessary throughout the fiscal year the Budget Adjustment Act allows for the Governor to submit proposed changes. The House and Senate pass the final version of the Budget Adjustment Bill and the bill is forwarded to the Governor for final approval.[12][13]

Public hearings were held throughout the budget process, dealing with particular programs, but not according to a set schedule. The state constitution prescribes a biennial legislature; in practice, legislature meets annually, in regular and adjourned sessions.[14]

Budget figures

The following table provides a history of Vermont's expenditures and gross domestic product (GDP).

Fiscal Year Expenditures (billions) GDP (billions)
2000 $3.8[15] $17.8[15]
2001 $4.0[15] $18.8[15]
2002 $4.2[15] $19.6[15]
2003 $4.5[15] $20.6[15]
2004 $4.8[15] $21.8[15]
2005 $5.2[15] $22.7[15]
2006 $5.4[15] $23.6[15]
2007 $5.6[15] $24.5[15]
2008 $5.8[15] $25.5[15]
2009 $6.0*[15] $26.5*[15]

Accounting principles

The Office of Vermont State Auditor was one of five constitutional officers in Vermont. The Office provides an independent and objective assessment of Vermont's governmental operations, publishing its audit reports online. Thomas M. Salmon was elected Vermont State Auditor in 2006.[16][17]

Credit Rating Fitch Moody's S&P
Vermont[18] AA+ Aaa AA+


Footnotes

  1. ↑ Brattleboro Reformer, "Budget balancing act named top priority for the year," accessed January 12, 2010
  2. ↑ Business Week "Vt. gov, lawmakers agree on budget; session ends" May 13, 2010
  3. ↑ State Budget Solutions “States Hide Trillions in Debt” July 22, 2010
  4. ↑ Vermont Department of Finance and Management, FY2011 Executive Budget
  5. ↑ USA Spending, State Guesstimated* Government Spending
  6. ↑ The Times Argus "State budget writers expect good news" July 15, 2010
  7. ↑ Business Week.com "Vermont budget process seeks new efficiencies" March 31, 2010
  8. ↑ 8.0 8.1 8.2 Challenges for Change Progress Report
  9. ↑ Vermont Public Radio March 31, 2010
  10. ↑ Challenges for Change Progress Report
  11. ↑ Vermont Legislative Fiscal Office, "VT Revenue and Budget Picture," September 18, 2009 (dead link)
  12. ↑ State of Vermont, "State budget process," accessed March 31,2009
  13. ↑ Budget Adjustment Act
  14. ↑ National Association of Budget Officers, "Budget Processes in the States," 2008 (dead link)
  15. ↑ 15.00 15.01 15.02 15.03 15.04 15.05 15.06 15.07 15.08 15.09 15.10 15.11 15.12 15.13 15.14 15.15 15.16 15.17 15.18 15.19 US Government Spending, "Vermont State and Local spending," accessed March 30,2009
  16. ↑ Vermont State Auditor Web site, accessed November 16, 2009
  17. ↑ audit reports
  18. ↑ State of Indiana, “State Credit Ratings-as of June 24, 2009"
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