Updated revenue forecasting shows roughly $87 million in additional revenue

AUGUSTA – Maine’s Revenue Forecasting Committee told lawmakers this morning that Maine’s General Fund will exceed original estimates by roughly $87 million in FY 2019, FY 2020, and FY 2021, with most of that additional revenue—$66,692,005—coming in FY 2019. 

Speaker Sara Gideon and Representative Drew Gattine, House Chair of the Committee on Appropriations and Financial Affairs (AFA), welcomed the news of strong revenue forecasts as the Legislature continues work on a biennial budget.

“What we heard this morning is that Maine’s economy is still growing at a healthy pace, and because of that, revenues will exceed expectations,” said Speaker Sara Gideon. “The budget that will ultimately be passed by the Legislature will be one that increases access to health care, better funds our public schools, and brings desperately needed property tax relief to Mainers. Based on this report, I’m confident that we’re in a position to be able to follow through on those commitments and allow state government to meet its obligations while continuing to live within our means.”

“As we continue the budget process in the Legislature, these strong revenue numbers are welcome news,” said Rep. Drew Gattine. “This makes what we already knew even more clear—that Governor Mills’ budget is sustainable, responsible, and most importantly, it will finally allow us to make tremendous progress in addressing the needs of Mainers that have gone unmet for far too long. All in all, this is good news for Mainers.“

The full report will be available tomorrow HERE. The AFA Committee will also be receiving a briefing on the report on Thursday at 2:00 PM. You can listen HERE.