Maine Predicts Revenue Increase for Next Fiscal Years | Maine News
AUGUSTA, Maine (AP) – The revenue spotlight for the state of Maine said on Tuesday that the general fund appeared to have about 10% more money than expected over the next few years.
The non-partisan revenue forecasting committee is expected to increase the general fund forecast by more than $ 800 million for fiscal years 2022 and 2023, state officials said. The office of Governor Janet Mills, a Democrat, said factors such as relief from the federal pandemic and rising prices are expected to drive up state revenues.
Conservative budgeting also helped increase the general fund, Mills said. Residents of Maine still face budgetary challenges due to factors such as rising energy costs, she said. Mills said she would examine “ways to use this additional income to provide direct financial relief to those hard hit by these increases to help them get through these difficult times.”
Legislative Republicans in Maine said in a statement they “stood ready to help the governor do just that.”
The forecasting committee based its projection on the economic forecasts of the State Consensus Economic Forecasting Commission. The commission found that factors such as low interest rates, federal stimulus measures and high consumer activity have improved Maine’s economic outlook.
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