State revenues meet revised expectations
State revenue collections came in below expectations for December while keeping pace with revised expectations for the upcoming fiscal year.
The Bangor Daily News reported that state revenues fell $5.2 million below expectations with Christmas-season sales falling behind projections.
The paper reported that the only business sector taxes that grew from December 2011 were restaurant, lodging and auto sales taxes while other revenue areas remained flat or decreased.
Revenues in the personal income tax category came in above expectations by $6.7 million, which officials attributed to higher-income residents shifting income from 2013 to 2012 in anticipation of higher federal taxes this year.
The state's overall revenue projections were revised down in November and were the basis for a $35.5 million spending curtailment order Gov. Paul LePage issued at the end of December.
Based on those new projections, the state is ahead of its revenue figures by $600,000 for the upcoming fiscal year.
Mainebiz web partners
Most Recent
Most Recent
Comments