(Host) The state’s new revenue report for August shows the Vermont economy is inching forward. But Administration Secretary Michael Smith cautions it could be months before there are any solid signs of recovery.
Revenues for August are up about 1% from last year. Income tax receipts increased by just over 4% during the month. Smith says the August report is part of a bumpy revenue picture that he expects to see in the coming months:
(Smith) “It’s too early in the fiscal year to determine how we’re going to do. The fiscal year is going to be – and the Vermont economy in particular – is going to be one in which we take a few steps forward then a few steps backwards, and occasionally a few steps sideways, as I’ve said in the past. But it looks like we’re starting to inch our way towards recovery.”
(Host) Smith is not expecting the state economy to show many signs of sizeable growth until at least next summer.