July 1 has come and gone, and with it the end of Vermont’s 2024 fiscal year on June 30 and the start of fiscal 2025 on July 1. Given it’s an election year in Vermont, now is a good time to consider important fiscal trends within the budget that might bite taxpayers going forward.

Governor Scott presented his FY2025 budget to state legislators on Tuesday in the annual budget address. They will, of course, toss it out and write their own, but it’s still a purportedly important ritual.

Scott led with a more admonishing tone than normal, telling legislators that Vermonters “want to do their part, but they are being crushed by the burden of property taxes or the higher rents that come with it as well as by increased fees just to renew a license or register a vehicle, or the looming payroll tax, or the unknown in higher fuel and electricity costs, not to mention inflation.” He is of course referring to the 13% budget increase from last year that the legislature overrode his veto to pass. He continued on to tell them that “when we spend beyond our means, it catches up to us… When we fail to address the fundamentals of decades-old problems, they get worse.”

The State Treasurer, Mike Pieciak, submitted his budget and comments on the treasurers office to the Senate Appropriations Committee on Thursday.