February 12, 2014
Bill to keep revenue sharing gets initial OK
A bill to prevent $40 million in cuts to state revenue sharing with municipalities has cleared the Maine Senate in a 33-2 vote, after receiving initial approval in a 114-21 vote in the House last week.
The Associated Press reported that supporters say the bill would help municipalities avoid property tax increases to make up lost revenues. Opponents say more information on state finances are needed before considering the bill, which would tap $21 million from the state’s rainy day fund. The state’s top finance official has also expressed concern that the plan stands to hurt Maine’s credit rating. Legislators supporting the bill said it would make replenishing that rainy day fund from future surpluses a priority.
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