Maine projects revenue increase for coming fiscal years
AUGUSTA, Maine (AP) — Revenue projectors for the state of Maine said Tuesday the general fund looks to have about 10% more money in it in coming fiscal years than previously expected.
The nonpartisan Revenue Forecasting Committee is expected to upgrade the general fund forecast by more than $800 million for fiscal years 2022 and 2023, state officials said. The office of Gov. Janet Mills, a Democrat, said factors such as federal pandemic relief and rising prices are expected to drive up receipts to the state.
Conservative budgeting has also helped grow the general fund, Mills said. Maine residents still face fiscal challenges from factors such as rising energy costs, she said. Mills said she would look at “ways we can use this additional revenue to provide direct financial relief to folks hard hit by these increases to help them through these difficult times.”
Maine’s legislative Republicans said in a statement that they “stand ready to help the governor do just that.”
The forecasting committee based its projection on economic forecasts by the state’s Consensus Economic Forecasting Commission. The commission found that factors such as low interest rates, federal stimulus and high consumer activity have improved Maine’s economic outlook.