AUGUSTA - Today, Maine's Revenue Forecasting Committee announced that Maine's General Fund will exceed original estimates by an estimated $461.9 million in the current budget cycle which ends June 2021. The full report will be available online here.
The Chairs of the Legislature's Appropriations and Financial Affairs Committee released the statements in response to the revised report.
Senator Cathy Breen, D-Falmouth:
"After a difficult year for Maine people, this positive revenue report is welcome news, especially as we prepare for a post-COVID-19 world and a busy tourist season this summer. However, we cannot forget that the pandemic is not over. Both our short and long-term economic recovery depend on the health and well-being of Maine people. It's why Maine has prioritized public health in the states aggressive response to the pandemic from the beginning. As Maine continues to respond to a once-in-a-lifetime pandemic, we cannot let up. With the end of the pandemic in sight, families, workers and small businesses are working hard to rebuild their finances and rebound from the crisis. With the state in good fiscal health, Maine people can have confidence that our state is on the right path forward."
Representative Teresa Pierce, House District 44:
"This afternoon we got the new revenue forecast for Maine. It shows that we are well ahead of where we thought we might be last year, pre-pandemic. Due to excellent measures taken by the Administration and the Legislature when the pandemic began, we are now ready to invest in making sure Maine is well on its way to economic recovery and good public health."
The Consensus Economic Forecasting Commission established by Title 5, section 12004-I, subsection 29-B, to provide the Governor, the Legislature and the Revenue Forecasting Committee with analyses, findings and recommendations representing state economic assumptions relevant to revenue forecasting.
Contact:
Christine Kirby (Breen), 294-2468,
Jenna Howard (Pierce) , 214-3185