AUGUSTA, Maine — The state’s Revenue Forecasting Commission is slightly projecting upward its predictions for state revenue this budget year.
By the end of the fiscal year — June 30 — they expect Maine to get $22 million more than they had originally projected.
“Final payments came in strong — first estimated payments of the 2105 tax year came in extremely strong,” said commission Chairman Mike Allen, the state’s associate finance commissioner. “We can’t find another payment, first estimated payment, that increased by that much — 38 percent over last year.”
But for the new two-year budget period starting July 1, the panel is reducing its revenue estimates by $29 million. Allen said that really isn’t that much of a change, given that the state is expecting to bring in more than $6 billion in revenues over the next two years.
Overall, he said, most state revenue sources are pretty much unchanged, as the state’s economy continues to grow slowly.
This article appears through a media partnership with Maine Public Broadcasting Network.