Revenue Forecasting Committee Projects Additional $282.8 Million in Revenue for Current Biennium

Following its meeting today, Maine’s nonpartisan Revenue Forecasting Committee (RFC) is expected to upgrade the State’s General Fund revenue forecast by approximately $282.8 million for the current biennium, which ends June 2023. The RFC also increased its projection for Fiscal Years 2024-2025 by $488.6 million.

“The State of Maine continues to be in the black as a result of Federal support and the good fiscal management of my Administration and the Legislature. Looking forward, we will continue to budget in a responsible and prudent manner as we address Maine’s most pressing needs,” said Governor Janet Mills. “To that end, these updated revenue projections are helpful as we finalize an emergency winter energy relief plan for the Legislature’s consideration. I remain deeply concerned about the impact that high energy prices – from home heating oil to electricity – are having on Maine people. Later this week, we will release a plan, and work closely with the Legislature, to provide financial relief – particularly for middle-class and low-income Maine people whose incomes are stretched thin right now – to help them remain safe and secure in their homes this winter.”

The RFC’s projections are based on the November 1, 2022 economic forecast from the independent Consensus Economic Forecasting Commission’s (CEFC).