AUGUSTA — State revenues are up nearly $50 million, which will give lawmakers a little breathing room as they head in to the next round of budget negotiations.
The Revenue Forecasting Committee met this morning to offer updated figures. The meeting was called in response to a $13.7 million error discovered earlier this year that means the state’s fiscal picture isn’t as bleak as first projected, said Grant Pennoyer, head of the Legislature’s nonpartisan fiscal office.
Also, consumers are spending more than anticipated, said Michael Allen, a deputy commissioner at Maine Revenue Services.
Pennoyer and others will update lawmakers this afternoon on the new numbers. The revenues will reduce the budget hole from a range of $80 million to $90 million to between $30 million and $40 million.
The Legislature’s Appropriations Committee has a deadline of May 10 to complete a new budget, and the full Legislature is scheduled to return May 15 to consider it and other outstanding matters.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.