Maine’s state government is getting a minor monetary boost with a newly projected increase of more than $248 million in revenues.
The nonpartisan Revenue Forecasting Committee announced the increase on Monday, saying it continues a trend of modest growth in state revenues after a period of rapid growth during the pandemic.
The committee says growth is expected to remain relatively slow because the top three revenue sources, which are sales as well as individual and corporate taxes, are only projected to increase by 1.6 percent per year.
Maine’s Constitution requires a balanced budget, which means the new adjustments will prompt Governor Janet Mills to submit a supplemental budget to the Legislature in January.
“In January, my Administration will work with the Legislature to continue to budget prudently, focusing on the health, safety, welfare, and education of Maine people,” said Governor Mills in a statement
The $248.4 million revenue increase will be added to the two year $11.63 billion General Fund which last through the end of June, 2027.
The increase is divided into approximately $165 million in the current fiscal year and $83.3 million in in the next fiscal year, which also ends in June, 2027.
