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Maine’s revenue beats projections in August

September 27, 2018

AUGUSTA, Maine (AP) — The LePage administration says state revenues were $14.5 million ahead of projections last month.

Finance Commissioner Alec Porteous says state collections are $35.3 million for the first two months of the state’s fiscal year. All told, general fund revenues increased 9.3 percent during the period.

Porteous says these results “are reflective of Maine’s strengthening economy.” He noted that the U.S. Bureau of Economic Analysis reports personal income is growing.

He says strong growth in sales tax and corporate income tax receipts and robust individual income tax withholdings contributed to the monthly surplus. Building supply sales, automobile sales and other retails sales fueled sales tax revenue.

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