Vermont Budget Writers Reach Compromise Spending Deal For UVM Athletic Complex

The proposed budget, known as H.951, amounts to $9.38 billion.

Vermont's budget negotiators have reached an agreement on a spending plan for the upcoming fiscal year beginning in July. The compromise was finalized in Montpelier late Thursday, just before the conclusion of the legislative session. The proposed budget, known as H.951, amounts to $9.38 billion, closely aligning with the figures that Governor Phil Scott put forward earlier in the year.

A significant point of contention during discussions was the inclusion of funds for a delayed athletic complex at the University of Vermont. This funding initiative aimed to redirect money from the Higher Education Endowment Trust Fund—a source of college scholarships—toward the $175 million project. The House did not support this measure due to concerns about its impact on available scholarships, but the Senate approved it after being convinced of the project's potential economic benefits.

Ultimately, the agreement will allocate $12 million for the athletic complex, consistent with the Senate's proposal. While initially suggesting a larger sum of $15 million, the Governor's budget reflects a compromise to extract only $2 million from the scholarship fund. Lawmakers identified an unexpected $10 million boost from unclaimed financial property, allowing them to mitigate the draw from the scholarship fund.

In addition to the athletic complex funding, the budget also includes a provision for $600,000 from the scholarship fund to support a housing initiative for the Vermont State Colleges System, as well as $2 million for a scholarship program through the Vermont Student Assistance Corp.

Lawmakers are also preparing to allocate $101 million, coupled with a property tax rate-setting bill, aimed at minimizing taxpayer increases for the new fiscal year. This plan mirrors earlier proposals favored by the Senate. The intended objectives include offering tax credits to renters and lessening the burden on residents.

Importantly, this budget expands upon the Governor's recommended staffing by incorporating additional positions, such as a staff attorney for the Vermont State Ethics Commission and a mediator for the State Labor Relations Board, enhancing services for unions and employers.

Further, an unexpected allocation of $700,000 for the Read Vermont literacy initiative has been integrated into the budget at the request of the Scott administration, which highlighted its significance.

The finalized budget will proceed to the House and Senate for ratification before being submitted for the Governor's approval. Governor Scott has previously signaled a potential veto if he disagrees with the concurrent education reform bill, which is now anticipated to align more closely with his expectations due to increased collaboration during the drafting process.