AUGUSTA, Maine (AP) -- A new revenue estimate finds a shortfall of roughly $60 million for the two-year Maine budget that will take effect in July.
The state's Revenue Forecasting Committee on Friday cited sharp declines in sales and corporate income taxes totaling $102 million in its April report, which is to be released formally next week. However, that's offset in part by increases in individual income and other revenue lines.
Gov. Paul LePage says state expenditures are expected to exceed anticipated income and other available funds during the upcoming two years by about $60 million. LePage says he's asked his department commissioners for ideas on where to make cuts to address the shortfall.
The Revenue Forecasting Committee includes state budget and finance officials and economists. Its estimates are crucial in formulating state budgets.