March strong for state revenues
State revenues were $13.5 million above estimates in March, boosting the chances that Maine will end the budget year with a revenue surplus.
Corporate income taxes and sales taxes were higher than expected in March, according to Capitol News Service. In addition, the month’s revenues include $14 million in misplaced funds the state discovered earlier this month. For the budget year, revenues are $35 million above estimates, prompting Finance Commissioner Sawin Millett to declare Maine is “in pretty good shape” with three months left in the budget year.
The Revenue Forecasting Committee is scheduled to meet April 30, at which point it may become clearer if Maine will see a revenue surplus at the end of June, and if so, how big it might be, according to the news service.
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