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Treasurer's office recommends holding $8 million as reserve for new childcare fund; staff urge formal stress testing
Summary
Members of the House Appropriations Committee heard from the treasurer's office and outside financial advisers on Tuesday that Vermont's budget reserves are generally strong and that the committee should keep an $8 million transfer to the newly created Childcare Contributions Special Fund as a reserve while the program's revenues and expenses stabilize.
Members of the House Appropriations Committee heard from the treasurer's office and outside financial advisers on Tuesday that Vermont's budget reserves are generally strong and that the committee should keep an $8 million transfer to the new Childcare Contributions Special Fund as a reserve while the program's revenues and expenses stabilize.
The recommendation came during testimony from Ashlyn Doyon, director of policy in the treasurer's office; Jeremiah Breer, chief financial officer in the treasurer's office; and Steve Wrozloski, managing director at Public Resources Advisory Group, at the committee's Jan. 21, 2025, meeting. The presenters summarized a joint report requested in last year's BAA and discussed the state's reserve practices, current cash balances and the use of stress testing to inform reserve sizing.
Why it matters: The Childcare Contributions Special Fund is financed by a 0.44% payroll tax that began collecting on July 1, and the program and revenue stream are new.…
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