Today, November 28, Maine’s Revenue Forecasting Committee met to discuss preliminary numbers for their December 1 revenue forecast. The governor and legislature use these forecasted figures in determining the anticipated resources the state has for their biennial budget. The Committee forecasts that Maine’s general fund will have an additional $264.6 million this biennium and an additional $256.5 million in the following two-year budget period. These additions are on top of Maine’s ‘rainy day fund’ (or budget stabilization fund) which is already full.
“Maine should double down on the strategies that have created this growing economy by continuing to invest in people and communities,” said Sarah Austin, Director of Policy and Research at Maine Center for Economic Policy. “The state can use this surplus to remove barriers that currently hold people back from fully participating in and benefiting from our economy. The legislature has already identified affordable housing along with low wages in education, child care, and direct care as problem areas that can be turned around with more funding. Maine has the resources to take on these challenges and should prioritize these issues when the legislature returns in January.”