Enacted Budget – Fiscal Year 2023
Vermont Governor Phil Scott signed the $8.1 billion fiscal 2023 budget on June 9. Total appropriations for fiscal 2023 including funding allocated in related bills equals $8.3 billion, compared to $7.9 billion in fiscal 2022, reflecting a 4.4 percent increase. The general fund totals $2 billion, a 1.3 percent decrease from the prior year, and the education fund totals $1.9 billion, or 4.3 percent above fiscal 2022. Federal funds total $3 billion in fiscal 2023. The budget includes major investments of $66 million to train, retain and recruit more workers; $96 million for broadband; $225 million to help reduce carbon emissions; $104 million to improve and expand water infrastructure; $87 million to help retain jobs, support businesses and strengthen communities; and $90 million to increase and improve rental housing, build more homes and help families exit homelessness. The budget also provides $40 million in tax relief measures including an expanded income threshold for social security exemption, an expansion of the earned income tax credit and a new child tax credit.