Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

June 20, 2011

State revenues $20M over May estimates

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.

Sign up for Enews

Mainebiz web partners

Comments

Register for free to read more articles.

Register Now

Already have an online account? Login

To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy

Allow Cookies