AUGUSTA, Maine (AP) - The state’s general fund revenues surpassed downgraded projections by 25% in January and are running 6.6% ahead of projections for the first seven months of the fiscal year, Maine officials said Thursday.
Kirsten Figueroa, commissioner for the Department of Administrative and Financial Services, credited utilization of relief funding and success in battling COVID-19 among the reasons for revenue being on “relatively stable footing.”
“While current revenues are still below pre-pandemic estimates, they have so far outpaced our downgraded expectations,” she said.
All told, the state had $89.5 million in general fund revenue in January and $154.3 million over seven months. December taxable sales, which count as January revenue, grew 12.7% with restaurants and lodging being the only categories with significant declines, officials said.
Though the revenue figures are promising, Figueroa said the agency is being cautious and monitoring developments.
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