Low revenues require state budget adjustment

6:25 AM, Nov 29, 2012   |    comments
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AUGUSTA, Maine (AP) - The Maine Legislature's outgoing Appropriations Committee is going to meet for the last time, and it won't be a very pleasant session.

The budget reviewing committee on Thursday is to be presented with revised figures showing smaller revenues over the next 2 ½ years. It's due in large part to the sluggish economy, which impacts consumer spending.

For the present fiscal year, which ends June 30, revenue forecasters are downgrading earlier estimated by $35 million. And for the next two years, fiscal 2014 and 15, they're reduced by $60 million and $68 million respectively.

The lower estimates mean that state government will have less money to authorize for services.

The immediate $35 million shortfall could result in a curtailment order from Gov. Paul LePage.

 

 

 

 

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