AUGUSTA, Maine – Maine officials say the state will collect $67.5 million more in revenues over the next two fiscal years than was expected.
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The report from the Revenue Forecasting Committee comes as Republican Gov. Paul LePage and lawmakers gear up to craft a budget for the next two fiscal years, which begin July 1.
The committee predicts Maine will bring in $45.5 million more than budgeted in the current fiscal year. The state is seeing improved revenues from the individual and corporate income tax.
Richard Rosen, acting commissioner of the Department of Administrative and Financial Services, says the state's "conservative approach" to revenue forecasting has ensured that Maine "is in a sound financial position."
The panel includes the state budget officer, state economist and economist with the University of Maine System.