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Appropriations panel hears budget adjustment proposal that reserves $75 million for property tax relief
Summary
Finance officials told the House Appropriations Committee the administration has about $120–121 million in available revenue and proposes roughly $46–48 million in new appropriations while reserving $75 million for property tax relief in FY27.
The Vermont House Appropriations Committee on Tuesday reviewed the administration’s Budget Adjustment Act proposal, which would allocate newly available revenue and adjust existing appropriations ahead of the governor’s January budget speech.
Commissioner Adam Greshen of the Department of Finance and Management told the committee the administration estimates “approximately a 120,000,000 or so of available revenue,” coming from an upgraded revenue forecast, unallocated revenue left from the general fund and reversions. He said the proposal would add roughly $48,000,000 in appropriations, offset by about $2,000,000 in net transfers, leaving a net general‑fund use near $46,000,000 and a projected $75,000,000 carryforward held for property‑tax relief in fiscal 2027.
The proposal is largely technical, Greshen and deputy commissioner Artie Merrill said, describing the BAA as “clean” and not including new initiatives. The language accompanying the package would, among other actions, reserve the sum identified for the governor’s preferred use in the next fiscal year.
Committee members pressed staff on specific line items. Merrill explained a net neutral technical shift moving $1.5 million from a homeowner rebate appropriation to a renter rebate because fewer households now meet the fixed homeowner income cutoff, while the renter credit’s thresholds are indexed. Merrill said the change is meant to true up spending authority rather than enact a new policy.
Officials also outlined a range of smaller base increases and one‑time items across state government, including adjustments for courthouse security contracts, state police overtime, corrections health‑care contract amendments and several human‑services caseload pressures. Greshen said the BAA package is intended to meet prior commitments and smooth fiscal year operations ahead of next session’s larger budget debate.
The committee requested follow‑up briefings and detailed spreadsheets; Greshen said staff will return with updated quarterly reports and that the administration expects to provide more detail in mid‑February as year‑end reporting closes.
The committee paused to hear other presenters and will continue deliberations after the governor’s budget speech on Jan. 20.
