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April 21, 2011

State revenues fall short in March

By The Mainebiz News Staff

State revenues for the month of March came in $200,000 shy of estimates due to shortfalls in both personal and corporate income taxes.

Finance Commissioner Sawin Millett told Capitol News Service that state revenues would have been even less last month if not for a one-time estate tax payment of $5.8 million. State law requires that taxpayers' identities remain confidential. Though incomes taxes were below March estimates, they are still ahead of year-to-date projections. The state's "other revenue" category was 21% below estimates, and revenue from fees, fines and forfeitures was 11% less than anticipated. Sales taxes, meanwhile, were $1 million above estimates in March and are $12.9 million above year-to-date projections, according to the news service. The state surplus is $21.7 million.

While April revenues are so far on target, according to Millett, he and lawmakers were unsure how the rest of the month would fare when income tax filings are processed. The state's Revenue Forecasting Committee is scheduled to meet next week to issue revised projections for the rest of the budget year.

In related news, Gov. Paul LePage signed into a law a $65 million supplemental budget to address a spending shortfall for the current fiscal year that ends June 30. The Legislature approved the budget last week.

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