Revenues & Expenditures: 7. Vermont’s State Sponsored Entities

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The state government sponsors a number of entities that are independently financed. These entities are not included in the financial statements of the primary government, but their financial results are separately disclosed.

There are some very important institutions in this group engaged in higher education, student loans, housing finance, municipal finance and business development in Vermont. In the aggregate, these state sponsored organizations had assets of $4.4 billion and revenues exceeding $1 billion in fiscal year 2016.

Many of these entities are highly leveraged with debt. The total debt of this group, at about $2.6 billion, is four times greater than the state government’s debt.

The ability of these entities to raise debt independently of the state government is one key reason for their autonomous legal structures.

The fiscal year 2017 revenues and expenditures of these state sponsored entities are presented below.

Vermont State Sponsored Entities Fiscal Year 2017 ($ millions)

 

UVM & State Agricultural College Vt. State Colleges Vermont Student Assistance Corp. Vermont Housing Finance Agency Other State Sponsored Entities Total State Sponsored Entities
Charge for Services 440.4 119.9 45.0 1.2 49.4 655.8
Grants 244.6 61.3 32.3 21.9 360.3
Property Transfer Tax 11.3 11.3
Investment Income 2.8 0.5 14.6 5.3 23.2
Other Revenue 4.8 0.8 2.9 0.3 8.0
Total Revenues 689.8 184.8 77.8 18.7 88.2 1061.3
Salaries & Benefits 432.5 212.0 12.3 3.5 22.9 597.2
Other Expenses 158.8 46.3 14.7 1.5 32.6 253.9
Scholarships & Grants 17.2 7.4 25.9 50.5
Depreciation 29.9 9.7 0.9 1.5 42.2
Interest Expense 16.7 5.2 9.8 14.4 24.2 70.4
Total Expenses 655.1 189.6 68.6 19.5 81.3 1014.2
Surplus (Deficit) 34.7 (4.8) 9.2 (0.8) 6.9 45.2

Source: Vermont Comprehensive Annual Financial Report Fiscal Year 2017

The Other State Sponsored Entities, above, include the Vermont Economic Development Authority, the Vermont Housing and Conservation Board, the Vermont Municipal Bond Bank, the Vermont Educational and Health Buildings Financing Agency and the Vermont Veterans Home.

Each of these entities publish their own Annual Report and they are all available on-line. Any readers seeking additional information may want to refer to these.

 

 

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