Welcome to the new Vermont investor web page. This page organizes, in one location, ten items that the National Association of State Auditors, Comptrollers and Treasurers (NASACT) recommend that state government provide for interim disclosure. NASACT represents the elected or appointed government officials tasked with the management of state finances.
Disclosure and financial reporting are very important aspects of ensuring accountability and improving transparency in the market. The ten items provided in this centralized, web-based location are intended to provide analysts and investors with relevant and timely information that is easily accessed online. The italicized text beneath each heading describes the general information NASACT recommends be provided. This information is being provided on a voluntary basis and is intended, but not required, to be updated periodically.
View the NASACT Report on Voluntary Interim Financial Reporting: Best Practices for State Governments, August 2013. View Report
The Lake Champlain Bridge is just one example of a project utilizing bond issuance to raise funds to complete a much needed transportation project.
Table of Contents
- Tax Revenues
- Budget Updates
- Cash Flow
- Debt Outstanding
- Economic Forecasts
- Pensions and OPEB
- Interest Rate Swaps and Bank Liquidity
- Debt Management Policies
- EMMA Filings
- Other Financial and Debt Management Information
Reports and information in this area should include all major tax revenues collected during the designated period. Information also should be included regarding any major changes to a state's tax base including applicability of a major tax, changes in the rate of tax for any major revenue source, legislative or voter initiatives that would restrict or reallocate a major source of tax revenue, and any changes in the allocation of major tax revenue between a state and its local governments.
Monthly Revenue Reports - Vermont Agency of Administration
This Secretary of Administration issues a monthly report that includes the actual revenues reported for the current fiscal month and year-to-date, as of the release date. Small changes in the revenue results may occur after the release date.
Most states produce intra-year updates to the governor, the legislature or taxpayers such as a year-to-date, budget-to-actual report that shows major categories of revenues and expenditures for the general fund and major governmental and enterprise funds.
State Budget Process - Vermont Department of Finance & Management
Executive Budget Recommendations - VT Dept. of Finance & Management
Currently, Vermont does not provide formal budget updates, except for the annual budget adjustment act, and any interim adjustments such as budget rescissions. Information regarding Vermont's budgeting process may be found on the Department of Finance and Management web page.
Reports and information in this area should include a cash flow forecast detailing the available cash resources that provide liquidity to the state's operating funds and may include the current fiscal year, as well as previous or forthcoming fiscal years.
Information in this area should detail the balances of debt outstanding for the state, including both long-term and short-term debt, and changes to the amount of debt outstanding from the previous period. An updated annual debt service schedule is also recommended.
States should provide investors with updated economic forecasts that are likely the basis for revenue collection assumptions and are often adjusted over the course of a fiscal year.
Consensus Revenue Forecast - Vermont Department of Finance & Management
States should provide annual actuarial reports on a state's pension liability or other post-employment benefits (OPEB). If legislative changes are enacted that may impact future valuations or liabilities, those should also be included.
State Employees' Experience Study: July 1, 2010 - June 30, 2014
State Teachers' Experience Study: July 1, 2010 - June 30, 2014
State Employees' Pension Actuarial Report for 2017 (funding)
State Employees' GASB No. 67 Report for 2017 (accounting)
State Employees' OPEB Actuarial Report for 2017
State Teachers' Pension Actuarial Report for 2017 (funding)
State Teachers' GASB No. 67 Report for 2017 (accounting)
State Teachers' OPEB Actuarial Report for 2017
Interim disclosure reports should include updates to a state's interest rate swap portfolio, including updates on mark-to-market valuations as of the end of the quarter and a list of the credit ratings of its swap counterparts.
Vermont has never issued variable rate debt or auction rate securities, nor entered into interest rate swap agreements. Vermont does not have any bank liquidity and credit facilities, including standby bond purchase agreements and lines of credit. There are no plans for the State to enter into these types of arrangements.
States should provide a report detailing the state's investment holdings, including balances in investment pools, deposits or other investment vehicles.
If the state updates its debt management policies, those new policies should be included in the interim disclosure report for the period in which the updated policy became effective.
A state should include any Electronic Municipal Market Access (EMMA) filings, voluntary or mandatory, that have been made in the most recent period. A state may direct an investor or interested party to the EMMA web site where they can set up a MyEmma account which will allow notices to be pushed out to the individual.
Welcome to the EMMA web site
When using EMMA's "Quick Search" function, the State of Vermont's CUSIP prefix is 924258 (or 924257 for issues dated prior to 8/15/1997) for General Obligation Bonds, and 92428H for Special Obligation Transportation Infrastructure Bonds.