Administration's Budget Overview

The administration's budget overview contained much of what was in the the presentations by Klein and Kavet, but there was additional information about pension funds and the recent rating downgrade by Moody's rating agency.

Here's a link to a PDF of the original presentation.


  • 30,000 fewer Vermonter under the age of 20 since 2000
  • 30,000 fewer Vermonters in the 25 to 45 year old working category
  • 40,000 more Vermonters 65 and older
  • By 2020 there will be more Vermonter 65 and older than there will be under 18

Moody's 2018 general obligation bond rating downgraded to "Aa1"

This is still a very good rating, just not as good as it was. According to Moody's: “The downgrade of the ratings incorporates an economic base that faces low growth prospects from an aging population.” This can be due to growth in debt or unfunded pension fund liabilities. Also a slowdown in economic expansion or revenue.

The administration presentation expressed particular concern regarding the state's pension funds and the Other Post Employment Benefits (OPEB) portion of the employee. Health care is an example.