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Vermont State Budget FY2021 Analysis

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All-funds expenditure, general fund, revenue, reserves and category-wise allocation for Vermont in fiscal year 2021.

Year: FY2026FY2025FY2024FY2023FY2022FY2021 Overview โ†’

Vermont Budget FY2021 at a Glance โ€” Key Numbers

Total Expenditure

$7.3 billion

All funds

General Fund

$1.6 billion

State discretionary

Total Revenue

โ€”

All sources

General Fund Revenue

โ€”

Own-source

Rainy Day Fund

โ€”

Reserves

State GDP

$48.4 billion

Nominal

Vermont's Fiscal Position in FY2021

Vermont spent $7.3 billion across all funds in FY2021, or $11,308 per resident. All-funds spending counts the general fund, federal grants, and dedicated state funds together โ€” the fairest basis for comparing states, since they differ widely in how much they route outside the general fund.

The general fund โ€” the discretionary portion the legislature actually debates โ€” was $1.6 billion, or 22.3% of total spending. The remainder is largely federal grants (Medicaid above all) and dedicated revenues such as fuel taxes earmarked for highways.

Vermont FY2021 โ€” Revenue & Expenditure Summary

ParticularsFY2021
Total Expenditure (all funds)$7.3 billion
General Fund Expenditure$1.6 billion
Total Revenueโ€”
General Fund Revenueโ€”
Rainy Day Fundโ€”
State GDP$48.4 billion
FY2022

How to Read Vermont's State Budget

All Funds vs General Fund

State budgets are reported two ways. All-funds spending counts everything: the general fund, federal grants, and dedicated funds. The general fund is the discretionary pot โ€” mostly income and sales taxes โ€” that legislators actually argue over. Headlines usually quote the general fund; comparisons between states should use all-funds.

Why Medicaid Dominates State Spending

Medicaid is typically the largest single line in a state budget, and most of it is federal money passing through: Washington matches state spending at rates that vary by state income. That is why a state with high all-funds spending is not necessarily a high-taxing state โ€” it may simply draw more federal match.

Balanced Budget Requirements and Reserves

Nearly every state must balance its operating budget, unlike the federal government. States therefore manage downturns through rainy day funds rather than deficits. Capital projects are usually exempt and financed with bonds, which is why states still carry debt.

Fiscal Years Differ Between States

Most states run a July-to-June fiscal year; Alabama and Michigan run October to September and New York runs April to March. Several states โ€” Texas, Oregon and Washington among them โ€” budget in two-year cycles. Figures labelled with the same fiscal year therefore cover slightly different periods across states.

Explore More Budget Data

Vermont Budget Overview Vermont Budget FY2026Vermont Budget FY2025Vermont Budget FY2024Vermont Budget FY2023 Vermont vs AlabamaVermont vs AlaskaVermont vs ArizonaVermont vs ArkansasVermont vs CaliforniaVermont vs Colorado Federal vs Vermont All 50 State Budgets US Federal Budget US Budget Glossary Compare US Budgets

Official References & Data Sources