AUGUSTA, Maine — Maine lawmakers crafting the next two-year budget have been told that revenues are expected to shrink by another $47 million.
The state’s Revenue Forecasting Commission updated projections based on lower-than-expected revenue from individual and corporate income taxes and a slower-than-expected economic recovery.
Sen. Dawn Hill of York tells MaineToday Media that the constantly changing projections are frustrating. But Michael Allen of Maine Revenue Services says it’s difficult to make projections when an already-volatile economic recovery is jolted by growing oil prices.
Next week, Gov. Paul LePage will present a package of proposed changes to the original $6.1 billion budget that he presented in February.