STATE GOVERNMENT FINANCES
(Amounts are in thousands.  Per capita in dollars.)

                                                      Percent           Per
VERMONT                                      1994 Distribution       capita

Population (thousands)                        580           -             -
Total Revenue                           2,026,361       100.0%     3,493.73
  General revenue                       1,781,957        87.9%     3,072.34
    Intergovernmental revenue             619,218        30.6%     1,067.62
    Taxes                                 832,515        41.1%     1,435.37
      General sales                       175,974         8.7%       303.40
      Selective sales                     224,487        11.1%       387.05
      License taxes                        68,174         3.4%       117.54
      Individual income                   286,108        14.1%       493.29
      Corporation net income               34,932         1.7%        60.23
      Other taxes                          42,840         2.1%        73.86
    Current charges                       173,352         8.6%       298.88
    Miscellaneous general revenue         156,872         7.7%       270.47
  Utility revenue                               0         0.0%         0.00
  Liquor stores revenue                    27,635         1.4%        47.65
  Insurance trust revenue                 216,769        10.7%       373.74

Total Expenditure                       1,912,903       100.0%     3,298.11
  Intergovernmental expenditure           301,624        15.8%       520.04
  Direct expenditure                    1,611,279        84.2%     2,778.07
    Current operation                   1,162,259        60.8%     2,003.89
    Capital outlay                        139,770         7.3%       240.98
    Insurance benefits and repayments     115,526         6.0%       199.18
    Assistance and subsidies              101,080         5.3%       174.28
    Interest on debt                       92,644         4.8%       159.73
Exhibit:  Salaries and wages              372,472        19.5%       642.19

Total expenditure                       1,912,903       100.0%     3,298.11
  General expenditure                   1,770,242        92.5%     3,052.14
        Intergovernmental expenditure     301,624        15.8%       520.04
        Direct expenditure              1,468,618        76.8%     2,532.10
  General expenditure, by function:
      Education                           569,230        29.8%       981.43
      Public welfare                      454,343        23.8%       783.35
      Hospitals                            14,433         0.8%        24.88
      Health                               50,889         2.7%        87.74
      Highways                            194,577        10.2%       335.48
      Police protection                    24,858         1.3%        42.86
      Correction                           30,243         1.6%        52.14
      Natural resources                    50,769         2.7%        87.53
      Parks and recreation                  8,355         0.4%        14.41
      Governmental administration         113,383         5.9%       195.49
      Interest on general debt             92,644         4.8%       159.73
      Other and unallocable               166,518         8.7%       287.10
  Utility expenditure                       1,514         0.1%         2.61
  Liquor stores expenditure                25,621         1.3%        44.17
  Insurance trust expenditure             115,526         6.0%       199.18

Debt at end of fiscal year              1,569,887       100.0%     2,706.70

Cash and Security Holdings              2,465,608       100.0%     4,251.05