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June 21, 2010

State revenues rise, retail sales slide

By The Mainebiz News Staff

State revenues came in $15 million above estimates in May, pushing the revenue surplus to more than $50 million for the end of the budget year.

Finance Commissioner Ryan Low said earlier this month that preliminary estimates showed May revenues up as much as $10 million, according to Capitol News Service. Sales tax revenue in May was $5.5 million over estimates, a category that finally met projections in April after 18 months of falling short. Sales tax revenues were $11.8 million above projections for the budget year. Corporate income tax in May brought in $5.4 million, exceeding the $2 million projection, and hitting a surplus of $20 million for the year. June revenues are on target to meet projections, Low told the news service. The budget year ends this month.

In related news, total taxable retail sales in April dipped 1.2% compared with the same month in 2009. Most categories saw a drop, with general merchandise slipping the most, by 5.6%. Only "other retail" and auto and transportation saw increases, of 1.6% and 2%, respectively, according to the Maine State Planning Office. Year-to-date sales, however, are 1.3% higher than the same period in 2009.

Go to the article from Capitol News Service >>

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