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Business and Economy

Maine Starts New Budget Year with Revenues Above Projections

AUGUSTA, Maine - The state has started its new budget year with July revenues coming in $13.2 million above projections.

Both the income tax and the sales tax are showing strength, says Finance Commissioner Richard Rosen. He says 5 percent growth in sales tax revenue over a year ago is good news.

"Five percent is significant," Rosen says. "When you look back over pre-Great Recession, we are back to indicating real strength from the consumer when we are seeing growth in the 5 percent range."

Rosen says lower energy prices are helping with consumer sales and he says lower unemployment figures are being reflected by the increased income tax revenues. He says Maine is mirroring the upward trend in the national economy.