State revenues again exceed expectations
AUGUSTA, Maine (AP) — More than $20 million in surplus tax revenues are flowing into Maine’s coffers.
Maine Finance Commissioner Alec Porteous said the state’s revenues in July exceeded estimates by $20.8 million. Porteous said that’s thanks to growth in individual income tax, corporate income tax and sales and use tax.
The monthly surplus was 11.5 percent greater than in July 2017, and 8.3 percent higher than financial projections for July.
Individual income tax collections alone were $14.1 million higher than projected.
Porteous said Maine’s economy should continue to grow at a time when the national economy is growing at more than 4 percent. He said tourism is expected to remain strong into the fall.
Maine forecasts its revenue through an independent commission and a revenue forecasting committee that meets twice a year.