- Associated Press - Thursday, July 21, 2016

MONTPELIER, Vt. (AP) - Slower than expected revenue growth is prompting the state of Vermont to find ways to make up $21.1 million in revenue.

Economists on Thursday presented the revised growth forecast to the Emergency Board, which meets twice a year to get a report on economic conditions and a forecast of expected tax revenue.

State revenues grew 2.3 percent in the last fiscal year and are forecast to grow by 4.8 percent this fiscal year, but that’s lower than what had been forecast.

Gov. Peter Shumlin says no budget cuts will be needed.

Instead, the administration hopes to make up the shortfall with a series of unexpected savings in Medicaid and other government programs.

The proposal will be introduced to the Legislature’s Joint Fiscal Committee on Monday.


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