April 30, 2012

State revenues rise nearly $50M, easing budget shortfall

By Susan M. Cover scover@mainetoday.com
State House Bureau

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.
 

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