State Revenues July-September Were $34 Million Over Projections

Oct 27, 2017

State revenues are above estimates for the first three months of the budget year.

David Gunter of Maine Revenue Services told the state’s Economic Forecasting Commission that the revenue growth reflects Maine’s improving economy.

“July through September revenues doing quite well. Revenues were over budget by almost $34 million,” he says.

Both the individual and corporate income taxes were above projections, with individual income taxes driving additional revenue. Sales taxes also were above estimates.

The forecasting group also heard that job growth continues to improve. In fact, some areas of the state don’t have enough workers to meet the needs of employers.