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Vermont

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    • Headlines

      Pace of pension reform ebbs after 49 states change laws

      Hazel Bradford | by Pensions & Investments | April 15, 2014

      While the sense of urgency has diminished, reform attempts have become a legislative staple, as public retirement systems continue to grapple with unfunded liabilities and political pressure to change.

    • Headlines

      State government dependence on federal funding growing at alarming rate

      The Washington Examiner | by David Freddoso | April 15, 2014

      This trend of increased state dependency on Washington reduces state and local control, while threatening the states' long-run autonomy.

    • Headlines

      Rich States, Poor States

      ALEC | by Arthur B. Laffer, Stephen Moore and Jonathan Williams | April 15, 2014

      Using years of economic data and empirical evidence from each state, the authors identify which policies can lead a state to economic prosperity. Rich States, Poor States not only identifies these policies but also makes sound research-based conclusions about which states are poised to achieve greater economic prosperity and those that are stuck on the path to a lackluster economy.

    • Headlines

      Rebounding economy fills state coffers with record tax revenues

      Washington Post - GovBeat | by Reid Wilson | April 10, 2014

      State governments collected more than $846 billion in tax revenue in the last fiscal year, the highest amount ever reported, as a rebounding economy boosted coffers hit hard by the recession.

    • Headlines

      Pew's latest pension report understates unfunded liabilities, but still shows growing pension problem

      by Cory Eucalitto | April 4, 2014

      While Pew's report relies directly on state-reported numbers that understate the size of unfunded liabilities, it nonetheless shows tremendous growth in unfunded liabilities since 2008.

    • Headlines

      U.S. public pension gap widened to nearly $1 trillion in fiscal year 2012

      Reuters | by Robin Respaut | April 2, 2014

      The unfunded liabilities of public-employee pension plans rose by 10 percent in fiscal 2012 to a record $914 billion, hit by low investment returns, missed contributions and unfunded benefits, underscoring the pension funding crisis in U.S. states and cities, a report by the Pew Charitable Trusts said.

    • Headlines

      Increased federal aid to states is a long term trend

      State Budget Solutions | by Bob Williams, Joe Luppino-Esposito | March 26, 2014

      State Budget Solutions’ analysis of the latest data shows that, between 2001 and 2012, the percentage of general revenue dollars coming from the federal government increased in 41 states. Click here to see how much your state gets from the feds.

    • Headlines

      Some state pensions in dire straits

      USA Today | by Dustin Racioppi | March 21, 2014

      Not making payments to the pension funds, or only paying a portion of what an actuary has recommended, is largely what got these debt-burdened states to where they are today, experts say.

    • Headlines

      Great Expectations: States still use unrealistic pension assumptions

      Watchdog.org | by Eric Boehm | March 19, 2014

      A recent study by the Society of Actuaries, a national industry group, concluded that states and municipalities shouldn’t use discount rates that are unlikely to be achieved.

    • Headlines

      How to Become a (Public Pension) Millionaire

      The Wall Street Journal | by Andrew Biggs | March 17, 2014

      In five states, an average full-career retiree receives a retirement income higher than his final salary.


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    • Budget timeline: Annual  

      Fiscal Year starts: July 1

      The current state budget can be found here.

      Find the legislative session calendar here.

      Find the current legislative leaders here.


      VT Gov ShumlinGov. Peter Shumlin
      109 State Street
      Montpelier, VT 05609
      Phone: (802) 828-3333
      Fax: (802) 828-3339
      http://governor.vermont.gov/

       

       

       

       

      James Reardon, Commissioner
      Department of Finance & Management
      Pavilion Office Building, 109 State Street
      Montpelier, VT 05609-0401
      Phone (802) 828-2376
      http://finance.vermont.gov/
      jim.reardon@state.vt.us

       

      Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2012 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities

       

      No "balanced budget" requirement was found for the state of Vermont. However, Chapter 5, Section 308 of the State law creates a "budget stabilization trust fund" to offset any fund deficits for that fiscal year. Vermont law permits the carrying over of a deficit from one year to the next.

       

      The State reports eighteen governmental funds of which six are classified as "major" governmental funds. These major funds are the General Fund, Transportation Fund, Education Fund, Special Fund, Federal Revenue Fund and Global Commitment Fund. The State began reporting the Global Commitment Fund in FY06. Prior to this, it only reported seventeen governmental funds. Each year, Vermont budgets all of its major governmental funds which is evident from the minor difference between actual and budgeted figures (revenues and expenditures).  [from the Institute for Truth in Accounting]

       

      Find the state's bond ratings here.

       

       

      Ethan Allen logo

      Ethan Allen Institute


    • State Debt :

    • HEADLINES

      New data reveals amount of federal aid to states in 2012

      State Budget Solutions | by Joe Luppino-Esposito, Shannan Younger | January 28, 2014

      Surprised to learn that state governments combined received 31.6% of their general revenue from the federal government in 2012, with one state getting a whopping 45.4% from the feds? Click here to learn what percentage of your state's general revenue came from Washington, D.C.

    • HEADLINES

      How states spend their cash, in 5 maps

      Washington Post - GovBeat | by Niraj Chokshi | January 24, 2014

      States spent more than they made for the third time in four years, according to new Census data.

    • HEADLINES

      Data Shows Correlation Between Government Union Power and State Government Solvency

      Union Watch | by Mike Shedlock | January 23, 2014

      In terms of long-term solvency (the most critical issue), New Jersey and Illinois are at the bottom of the heap. Pension plans and union activism are to blame.

       

    • HEADLINES

      Unfunded public employee pensions drive state debts skyward

      The Washington Examiner | by Mark Tapscott | January 21, 2014

      State governments are piling up debt almost as fast as the federal government, with a total of $5.1 trillion now on their books.

    • HEADLINES

      State Budget Solutions' Fourth Annual State Debt Report

      by Cory Eucalitto | January 8, 2014

      State governments face a combined $5.1 trillion in debt, equal to over $16,000 per resident. Click to see your home state's debt and how your state ranks.

    • HEADLINES

      The state pension situation is improving, but most plan funding is still low

      Washington Post | by Niraj Chokshi | September 17, 2013

      Wisconsin has the nation’s strongest pension plan, while Illinois has the worst, according to a new report. And the situation across states is starting to moderate.

    • HEADLINES

      Why Those New State Budget Surpluses May Not Last

      CNBC | by Mark Koba | June 21, 2013

      State coffers are building back up—some with record surpluses. But experts warn that reduced tax revenues— along with a return to overspending—could jerk states right back into the red, and quickly.

    • HEADLINES

      State Budget Transparency: A Look Behind the Numbers

      RealClear Markets | by Tracy Gordon | June 19, 2013

      Most states are now wrapping up their 2013-2014 budget cycles, and apparently they're in good shape too. But thanks to the lack of budget transparency, state and local governments are estimated to owe up to $4 trillion more than they have set aside for pensions and retiree health care.

    • HEADLINES

      Report Says State Budget Surpluses Don't Mean That Much

      Governing | by Ryan Holeywell | June 17, 2013

      A new study shows that many states could end the current fiscal year with surpluses in their general funds. While that may seem like good news, it's probably too early to get excited. That's because those positive numbers are largely the result of one-time influxes of tax revenue that came when investors sold off assets late last calendar year to avoid higher federal tax rates that came in 2013.

    • RESEARCH

      Federal Aid to the States 2008-2011

      by Kristen De Pena | February 21, 2013

      It is well understood that the federal government must make spending cuts-these cuts will most likely drastically change the amount of federal dollars that are allocated to the states. Unfortunately for most states, dependence on federal funding has continually risen since 2008.


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    • Solutions

      How Reality-Based Budgeting Can Permanently Resolve State Budget Gaps

      State Budget Solutions | by Bob Williams | November 7, 2012

      State Budget Solutions recommends that state legislators take action in 2013 to resolve the serious state financial crises by changing their focus from inputs to outcomes by redesigning budgets from the ground up based on priorities and performance.

    • Solutions

      How to Prevent Future Pension Crises

      by Cory Eucalitto | November 1, 2012

      The time for state and local governments to offer defined contribution retirement plans that protect both taxpayer dollars and public employee retirement security is now.

    • Solutions

      State Lawmakerís Guide to Evaluating Medicaid Expansion Projections

      The Heritage Foundation | by Edmund F. Haislmaier and Drew Gonshorowski | October 17, 2012

      Supporters of Obamacare claim that expanding Medicaid will entail little to no cost to state governments, since the federal government will fund the vast majority of the additional costs. Indeed, some analyses project states achieving savings from adopting the expansion. However, state lawmakers should be wary of accepting such analyses at face value.

    • Solutions

      Medicaid Is BrokenóLet the States Fix It

      The Wall Street Journal | by Paul Howard and Russell Sykes | October 15, 2012

      Block-granting Medicaid is the best way to deliver better, cost-effective care to the most vulnerable Americans.

    • Solutions

      The Case for Reform: Prisons

      Right on Crime | August 1, 2012

      Prisons are supremely important, but they are also a supremely expensive government program, and thus prison systems must be held to the highest standards of accountability.

    • Solutions

      The Case for Reform: Adult Probation

      Right on Crime | August 1, 2012
    • Solutions

      Solutions to the public pension crisis

      State Budget Solutions | by Bob Williams | August 1, 2012

      Public pensions at the state and municipal levels are unsustainable in their current form.  State Budget Solutions' recent study by Andrew Biggs found that public pensions are underfunded by $4.6 trilion. Here we offer solutions to the pension crisis

    • Solutions: Maryland, Nevada, Oregon, Vermont, Washington, Alaska, Michigan

      State Budget Solutions with Bob Williams

      May 7, 2010

      Video of Bob Williams addressing the underfunded state pension fund problem facing so many states.  He states that the public cannot afford the benefits and suggests defined contribution programs as a solution.

    • Pace of pension reform ebbs after 49 states change laws

      Hazel Bradford | by Pensions & Investments | April 15, 2014

      While the sense of urgency has diminished, reform attempts have become a legislative staple, as public retirement systems continue to grapple with unfunded liabilities and political pressure to change.

    • Pew's latest pension report understates unfunded liabilities, but still shows growing pension problem

      by Cory Eucalitto | April 4, 2014

      While Pew's report relies directly on state-reported numbers that understate the size of unfunded liabilities, it nonetheless shows tremendous growth in unfunded liabilities since 2008.

    • U.S. public pension gap widened to nearly $1 trillion in fiscal year 2012

      Reuters | by Robin Respaut | April 2, 2014

      The unfunded liabilities of public-employee pension plans rose by 10 percent in fiscal 2012 to a record $914 billion, hit by low investment returns, missed contributions and unfunded benefits, underscoring the pension funding crisis in U.S. states and cities, a report by the Pew Charitable Trusts said.

    • Some state pensions in dire straits

      USA Today | by Dustin Racioppi | March 21, 2014

      Not making payments to the pension funds, or only paying a portion of what an actuary has recommended, is largely what got these debt-burdened states to where they are today, experts say.

    • Great Expectations: States still use unrealistic pension assumptions

      Watchdog.org | by Eric Boehm | March 19, 2014

      A recent study by the Society of Actuaries, a national industry group, concluded that states and municipalities shouldn’t use discount rates that are unlikely to be achieved.

    • How to Become a (Public Pension) Millionaire

      The Wall Street Journal | by Andrew Biggs | March 17, 2014

      In five states, an average full-career retiree receives a retirement income higher than his final salary.

    • US public pensions need more than investment windfall

      CNBC.com | March 10, 2014

      The higher-than-expected returns since 2012 are welcome, but experts say they don't make up for a legacy of insufficient funding, a problem that afflicts many states that allow elected officials to control the process.

    • Buffett Says Pension Tapeworm Means Decade of Bad News

      Bloomberg News | by Noah Buhayar and Zachary Tracer | March 3, 2014

      "Local and state financial problems are accelerating, in large part because public entities promised pensions they couldn't afford," Buffett said. "Unfortunately, pension mathematics today remain a mystery to most Americans."

    • Study rates public pension overhauls in other states

      Sacramento Bee - State Worker | by Jon Ortiz | February 27, 2014

      Public pension-change efforts in states that have rolled back benefits share some common characteristics, according to a paper issued today by the influential Brookings Institution in Washington, D.C.

    • Public Pension Tabs Multiply as States Defer Costs and Hard Choices

      The New York Times | by Rick Lyman and Mary Williams Walsh | February 25, 2014

      More than 40 states have taken steps in recent years to rein in mounting public employee pension costs that threaten to strangle government services. But none have come close to closing their pension gaps quickly enough to keep pace with a rapidly aging - and retiring - public work force.


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