Maine revenues under budget in February, but uptick expected
AUGUSTA, Maine (AP) — A new report says Maine’s revenues are growing and could end up exceeding budgetary expectations through March.
Maine’s economic forecasting commission says in a Monday report that February revenues were under budget. But spokesman David Heidrich said that’s only because income tax returns and refunds have been processed sooner than expected.
The commission’s experts say preliminary March figures indicate revenues could end up meeting or exceeding expectations from last July through March.
The report says general fund revenues were under budget by $28.3 million, or 15.9% in February.
Overall, revenues were nearly 1 % under budget from July through February.
Revenues are under budgeted expectations but they’re on the upswing. Revenues are up 5.3%, or $122.4 million, between July through February. Maine is seeing a record-long period of low unemployment.