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Financial regulators report $3.3 million revenue downgrade tied to fee impacts and a bookkeeping correction
Summary
The Vermont Department of Financial Regulation reported to the House Appropriations Committee a $3.3 million downward revision to expected FY25 revenues driven by a $1.1 million double-count correction, about $700,000 lower securities receipts and roughly $1.6 million weaker insurance-fee receipts after recent fee increases.
Acting Commissioner Sandy Bighlestone told the House Appropriations Committee on Jan. 21 that the Department of Financial Regulation (DFR) is recommending a roughly $3.3 million downward adjustment to its fiscal-year 2025 revenue projection.
Bighlestone said the reduction has three components: a $1.1 million correction to remove a double-counted sweep of the department’s financial regulation fund, about $700,000 in lower-than-expected securities-related receipts received in early January, and roughly $1.6 million removed from the…
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