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February 24, 2010

State revenue projections up $51M

By The Mainebiz News Staff

The state's revenue forecasting committee has increased the state's revenue projections by $51 million over the next two years, helping to reduce the state's multimillion budget hole.

The bulk of the additional projected revenues are expected to come from another $15.4 million in personal income tax and $66.2 million in corporate income tax, according to Capitol News Service. However, sales tax revenues were projected down by another $30.8 million. The revised projections bring the budget gap to about $360 million, according to Capitol News Service. Finance Commissioner Ryan Low said Gov. John Baldacci plans to use the revised projections, plus news of additional federal aid, to present further recommendations for balancing the state budget. Lawmakers said there will likely be disagreement over how to allocate the additional resources.

Last week, the U.S. Department of Health and Human Services announced Maine will receive nearly $28 million for offsetting Medicare and Medicaid costs. Yesterday, the department announced Maine would receive an $11 million grant to improve health care delivery for children reenrolled in Medicaid and the Children's Health Insurance Program, according to the Bangor Daily News.

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