The Maine Wire
  • News
  • Commentary
  • Maine Wire TV
  • About
  • Contact
Facebook Twitter Instagram
Trending News
  • Pro-Abortion Satanist Berates Christians Protesting Outside Portland Planned Parenthood
  • Liberals Roast “Great White Mother” Mills for Opposition to Tribal Sovereignty Bill
  • Golden Backs “Lukewarm” Debt Ceiling Deal But Criticizes Cuts to IRS
  • Auburn Rep Files Lawsuit Challenging Constitutionality of PAC Fundraising Restrictions
  • Bangor-area Church Sues School Board for Religious Discrimination in Lease Rejection
  • Protest at Maine State House for Iraq War Veteran Killed in 2022 Memorial Day Shooting
  • Competitive Shooting Event to Raise More Than $75k for Travis Mills Foundation with USPSA Maine State Championship
  • GOP Wants Limits on “Net Energy Billing” to Rein in Electricity Rates
Facebook Twitter Instagram
The Maine Wire
Login
Friday, June 2
  • News
  • Commentary
  • Maine Wire TV
  • About
  • Contact
The Maine Wire
Home » News » Revenue Forecasting Committee revises projected surplus upwards by $411 million
News

Revenue Forecasting Committee revises projected surplus upwards by $411 million

Katherine RevelloBy Katherine RevelloMarch 1, 2022Updated:March 1, 2022No Comments2 Mins Read
Facebook Twitter Email LinkedIn Reddit
Share
Facebook Twitter LinkedIn Email

Maine’s General Fund revenue forecast will increase by approximately $411.6 million following a March 1 meeting of the Revenue Forecasting Committee (RFC). Following the updated forecast, Gov. Janet Mills announced she will propose returning at least half of the additional surplus to Maine taxpayers in the form of direct checks.

Mills’ original supplemental budget proposal called for giving half the projected budget surplus, then estimated at $822 million, to Maine taxpayers in the form of direct checks. During her State of the State address, Mills said this would amount to around $500 to roughly 800,000 eligible Mainers. 

According to Mills’ press office, the governor will now offer a change package that will call for returning an additional $205.8 million of the additional surplus to taxpayers.

“This will bring the Governor’s proposed giveback to at least $616.8 million, which would result in about $750 in relief to an estimated 800,000 eligible Maine taxpayers, beginning as soon as July, if approved by the Legislature,” wrote the Mills administration in a Tuesday press release.

Mills said the additional projected surplus is the result of “strong Federal support and the good fiscal management of my Administration and the Legislature.” 

The RFC’s latest forecast is based on the Consensus Economic Forecasting Commission’s February 1 economic forecast. In its March 1 meeting, the RFC warned of long-term volatility and called the fiscal environment “uncertain” and “variable.”

The RFC also revised downward its projections for future years, and warned current economic uncertainty makes those projections less reliable. Though the RFC increased its projection for fiscal year 2024-2025 by $360.8 million, there is a $50 million drop between the current budget cycle, which ends in June 2023, and the next. 

As a result, the RFC urged caution in the state’s use of projected revenues.

Featured government spending governor janet mills Janet Mills news revenue forecasting committee spending surplus unappropriated surplus
Previous ArticleFollowing other states, Gov. Mills calls on state liquor commission to delist Russian spirits
Next Article The CDC discovers actual public health, just in time
Katherine Revello

Katherine Revello is a reporter for The Maine Wire. She has degrees in journalism and political science from the University of Maine. Her writing has appeared in Reason, The Washington Examiner, and various other publications. Got news tips? Contact Katherine at krevello@mainepolicy.org.

Related Posts

Pro-Abortion Satanist Berates Christians Protesting Outside Portland Planned Parenthood

June 1, 2023

Liberals Roast “Great White Mother” Mills for Opposition to Tribal Sovereignty Bill

June 1, 2023

Golden Backs “Lukewarm” Debt Ceiling Deal But Criticizes Cuts to IRS

June 1, 2023

Leave A Reply

Recent News

Pro-Abortion Satanist Berates Christians Protesting Outside Portland Planned Parenthood

June 1, 2023

Liberals Roast “Great White Mother” Mills for Opposition to Tribal Sovereignty Bill

June 1, 2023

Golden Backs “Lukewarm” Debt Ceiling Deal But Criticizes Cuts to IRS

June 1, 2023

Auburn Rep Files Lawsuit Challenging Constitutionality of PAC Fundraising Restrictions

June 1, 2023

Bangor-area Church Sues School Board for Religious Discrimination in Lease Rejection

May 31, 2023
Newsletter

News

  • News
  • Campaigns & Elections
  • Opinion & Commentary
  • Media Watch
  • Education
  • Media

Maine Wire

  • About the Maine Wire
  • Advertising
  • Contact Us
  • Submit Commentary
  • Complaints
  • Maine Policy Institute

Resources

  • Maine Legislature
  • Legislation Finder
  • Get the Newsletter
  • Maine Wire TV

Facebook Twitter Instagram Steam RSS
  • Post Office Box 7829, Portland, Maine 04112

Type above and press Enter to search. Press Esc to cancel.

Sign In or Register

Welcome Back!

Login below or Register Now.

Lost password?

Register Now!

Already registered? Login.

A password will be e-mailed to you.