State revenues top estimates by $30M
State revenues were more than $30 million above estimates in December, but lawmakers said it's too early to announce a trend.
Revenues were $30.8 million above projections for the last month of 2009, the first period after projections were revised in November, according to Capitol News Service. But Ryan Low, Maine's finance commissioner, said revenues were higher than anticipated because about half of the $30 million was money expected in January that came early. Corporate income taxes were higher than estimates for the third month in a row, coming in $12.6 million above projections, and individual income tax was $5.4 million above estimates. Sales tax was $765,000 below projections.
The news was welcome at a time when legislators are grappling with $438 million in budget cuts, but lawmakers were cautiously optimistic. "One month does not a trend make," Sen. Richard Rosen, R-Bucksport, told the news service. "We have been on a real roller coaster as far as revenues are concerned for 18 months, and this may be a blip, not the trend we are all looking for."
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