state revenues

Rebecca Conley / Maine Public

The State Revenue Forecasting Commission says that the state will lose an estimated $524 million in general revenues by the end of next June as a result of the pandemic. But the group is less certain of the forecast than it has been in past projections.

The State Revenue Forecasting Committee is increasing projected tax revenues by $75 million through the rest of the two year budget.

AUGUSTA, Maine  - A new report says Maine's revenues are growing and could end up exceeding budgetary expectations through March.

AUGUSTA, Maine - After the first three months of the budget year, state revenues are more than $32 million above estimates.

State Finance Commissioner Richard Rosen says a good summer tourist season is the reason. “All in all, we are seeing good economic activity that is resulting in revenues coming into the state that are, at the end of the first quarter, running over budget.”

AUGUSTA, Maine - State revenues are above projections by nearly $16 million after the first two months of the budget year. State tax receipts reflect the summer tourist season.
State Finance Commissioner Richard Rosen says Maine’s economy continues slow but steady growth, with income tax revenues reflecting lower unemployment rates. “We can all feel it," he says. "You see the 'Help Wanted' signs nearly everywhere you go, and there is upward pressure on wages.”

AUGUSTA, Maine - Maine started the new budget year in July in the red by more than $3 million. But it’s not as bad as it first sounds.

State law requires transfers to various accounts, such as the Milk Stabilization Fund and the Tourism Promotion Fund. This year, all of those happened in July.  In the past, some of those transfers have occurred in August, says state Finance Commissioner Richard Rosen.

“All indications are that the combination of good weather and low gas prices are showing strength in food, in lodging, in retail activity," Rosen says.

AUGUSTA, Maine - With only two months left in the budget year, state revenues are running nearly $18 million above projections.  In April alone, state revenues beat projections by $7 million.

State Finance Commissioner Richard Rosen says sales taxes are running better than 9 percent above a year ago, and income taxes continue to exceed projections.

"On the economic side, you have every indication here that Maine's economy continues the solid, steady improvement - the solid, steady growth," Rosen says.

AUGUSTA, Maine - The State Revenue Forecasting Committee says Maine will get an extra $73 million this budget year, mostly driven by personal income tax receipts that are higher than first projected.

Associate Commissioner for Tax Policy Mike Allen, the chair of the panel, says the committee tends to be conservative in its approach to projecting revenue.

"Now we have enough information to determine that 2015 was a very, very good year, and that April 15 will probably be fairly strong as well," Allen says.

AUGUSTA, Maine - The non-partisan commission set up to forecast state revenues has increased its estimates for the rest of the two-year budget by just $5 million, out of a budget of more than $6 billion.

Mike Allen, the state associate commissioner for tax policy, chairs the group. He says even though there are a lot of good signs of growth, the commission is being cautious.

"There is a lot of incoming information that is very positive," Allen says, "but we can't really explain it well. And that is true in other states as well."

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."

AUGUSTA, Maine - The state of Maine has ended its fiscal year with a surplus of almost $60 million, which some suggest is a sign of a rebounding economy.

AUGUSTA, Maine - The state's Revenue Forecasting Commission is slightly projecting upward its predictions for state revenue this budget year.

By the end of the fiscal year - June 30 - they expect Maine to get $22 million more than they had originally projected. Commission Chairman, Mike Allen, is associate state finance Commissioner.

AUGUSTA, Maine - While the overall news about state revenues in January is positive, they were under budget estimates by $14.2 million because more Mainers filed for income tax refunds than expected.

“We have seen a high volume of early tax filings that have generated a lot of refunds earlier in the process than we would typically see," state Finance Commissioner Richard Rosen told MPBN news.

AUGUSTA, Maine - Maine lawmakers got some good news today from state finance officials:  State revenues continue to beat projections. That's even after forecasters upped their projections last month.

After the first six months of the budget year, state revenues are now $19 million above the new estimates.  

State officials are attributing the increase to higher-than-expected sales tax collections, as well as higher individual income taxes.  

State revenues continue to come in better than projected, with November tax receipts $4.1 million above projections. That brings revenues in excess of estimates to $31.7 million so far this budget year.

State Finance Commissioner Richard Rosen said, while the numbers are certainly good news, lawmakers should be cautious about spending in the new legislative session, given the budget year has not even reached the halfway mark.