New forecast projects $47M state shortfall
The state is facing a new $47 million revenue shortfall for the next two-year budget, according to updated projections from the state's Revenue Forecasting Committee.
The figures released yesterday account for an expected decrease in individual and corporate income taxes due to a sluggish economic recovery, according to MaineToday Media. The committee also said that rising gas prices will likely mean less revenue from sales taxes, and could hurt tourism-related businesses. The committee report also projected a $170 million shortfall in the 2014-2015 budget if projections hold true.
Gov. Paul LePage's administration is scheduled to meet next week to discuss changes to the proposed $6.1 billion two-year budget that could include suggestions for covering the new anticipated shortfall, according to the news company.
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