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June 20, 2011

State revenues $20M over May estimates

By The Mainebiz News Staff

State revenues in May were nearly $20 million above projections, following higher-than-anticipated revenues in April.

Revenues last month were $18.7 million above new projections, according to Capitol News Service. Finance Commissioner Sawin Millett said revenues from the state's three major sources -- personal and corporate income taxes, and the sales tax -- were above projections, indicating a slow economic recovery. In April, state revenues were about $10 million over estimates.

Millett told the news service that June revenues will likely meet or exceed estimates, giving the state a "significant" surplus at the end of the budget year on June 30. That surplus will be buoyed by unspent funds from state agencies estimated to total between $5 million and $10 million. The exact amount of year-end surplus won't be known until the books close in late July or early August.

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