Budget Shortfall Pegged At $146M

3:13 PM, Nov 21, 2008   |    comments
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AUGUSTA (AP) -- Maine's revenue shortfall for the present fiscal year is close to the worst expectations of state economists.

The state Revenue Forecasting Committee this afternoon accepted the recommendation of Maine revenue officials that the general fund will run short by $140 million through June. In addition, the local government fund that goes to municipal revenue sharing will run a $6.4 million dollar deficit.

Today's action more or less confirms earlier estimates, which prompted Gov. John Baldacci to order $80 million in curtailments earlier this week.

The governor plans to submit a budget revision package in December that will account for the remaining shortfall. So far, the hardest hit departments are Education and Health and Human Services.


(Copyright 2008 by The Associated Press. All Rights Reserved.)

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