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January 26, 2010

State revenue forecasts likely to rise

By The Mainebiz News Staff

The state's economic forecasters will likely revise the state revenue projections they made last fall to reflect an improving economy.

Members of the Consensus Economic Forecasting Commission said yesterday that the state's economy is faring a little better than anticipated, and that the group will make a small increase in projected state revenues for the rest of the two-year state budget, according to Capitol News Service. The announcement comes after the group met yesterday to review state and national data, including year-end 2009 data from the federal Bureau of Economic Analysis. Charles Colgan, chair of the commission, and legislators working to balance the state budget said revised projections will not have a significant impact on the state's revenues.

Lawmakers are currently working on Gov. John Baldacci's plan to close a $438 million budget gap.

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