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November 13, 2009

No good news for state revenues

By The Mainebiz News Staff

Another month of revenue shortfalls has prompted Gov. John Baldacci to take immediate efforts to cut state spending.

Revenue figures for October came in $26.8 million below estimates, bringing the anticipated shortfall for the two-year budget to between $300 million and $400 million, according to Capitol News Service. The individual income tax, the state's largest source of revenue, was $19 million below projections. As a result, Gov. Baldacci has begun preparing an executive order to curtail state spending, which, among other cuts, would further slash general-purpose education aid, Finance Commissioner Ryan Low told the news service. The order is scheduled be in place in about two weeks.

Last month, state agencies began identifying ways to cut spending to meet a projected $200 million budget deficit, and the Department of Administrative and Finance Services will now meet with agencies to push for further cuts, Low told the news service.

Go to the article from Capitol News Service >>

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