February 24, 2014
State revenue forecast in line with year ago
The state’s Revenue Forecasting Committee projects that state revenue will be roughly in line with last year’s projection, dampening hopes of some lawmakers who expected rising revenue would help fill a looming budget gap.
The Bangor Daily News reported that forecasters predict the state will have $6 million more in revenues than budgeted expenditures for this fiscal year, which would amount to a $2.3 million surplus for the biennial budget. That still leaves lawmakers with a quandary as shortfalls in the budget are expected to be in the tens of millions of dollars.
Lawmakers are expecting clearer revenue adjustments in the next few months as corporate and individual income tax filings arrive in March and April.
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