Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

July 22, 2008

Maine ends year in the black

By The Mainebiz News Staff

Despite earlier worries about a budget shortfall and the ailing economy, Maine has finished its 2008 fiscal year with a $56 million surplus in its general fund, and a $2.5 million surplus in its highway fund.

Most of the slim general fund surplus, or $47 million, was the result of income taxes that came in above expectations, according to Capitol News Service. Earlier this year, Gov. John Baldacci and state lawmakers had closed a projected $190 million budget gap with program cuts and tighter spending controls.

Baldacci has warned, however, that in the upcoming second year of the $6.3 billion biennial budget, the state will likely struggle with high energy prices and a floundering national economy that could erode revenues.

 

Sign up for Enews

Mainebiz web partners

Most Recent

Most Recent

Comments

Order a PDF