AUGUSTA (AP) — The Maine Legislature's outgoing Appropriations Committee, meeting for the last time, is getting a dreary update on state revenues.
State finance officials on Thursday presented the committee with revised figures showing smaller revenues over the next 2½ years. It's due in large part to the sluggish economy, which impacts consumer spending.
For the present fiscal year, which ends June 30, revenue forecasters are downgrading earlier estimates by $35 million. For the next two years, fiscal 2014 and 2015, they're reduced by $125 million. The latter figure's been adjusted slightly since Wednesday.
The lower estimates mean that state government will have less money to authorize for general services.
In the state's highway fund, which is separate, revenues are expected to lag below previous estimates by $20 million in fiscal 2014-15.