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JFO briefs committee on pilot special fund: payments concentrated in Burlington and Montpelier as local-option taxes expand
Summary
The Joint Fiscal Office presented data on the pilot special fund (payment in lieu of taxes), showing a fund balance of about $10.3 million at FY2024 year-end, recent revenue excess driven by local-option taxes and meals/rooms recovery, and concentration of payments in municipalities that host state or university facilities.
Ted Barnett and a Joint Fiscal Office analyst briefed the Appropriations Committee on the pilot special fund, which compensates municipalities for the assessed value of state-owned buildings and, separately, for conservation land acquired by the Agency of Natural Resources.
Barnett explained the program's mechanics: the pilot special fund receives 30 percent of local-option tax revenue (rooms, meals and sales taxes) after a processing fee, and the statutory pilot…
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