Maine revenues 1.3 percent ahead of September projections

Posted Oct. 29, 2010, at 6:18 a.m.

AUGUSTA, Maine — Maine officials say the state budget picture is looking stable through the first quarter of the fiscal year.

State revenue officials told the Legislature’s Appropriations Committee on Wednesday that September revenues came in over budget by 1.3 percent. For the first quarter of fiscal 2011, general fund revenues were 4.7 percent, or $26 million, over budget.

For September, sales and use taxes — especially from automobile sales — came in under projections. But individual income taxes came in over budget.

Maine State Economist Michael LeVert told the committee that overall, the economy is growing very slowly. There are signs of companies reducing layoffs and increasing wages, but that’s happening at a faster rate than job growth.

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