September 26, 2011
State revenues improve in August
By The Mainebiz News Staff
After a disappointing July, state revenues improved in the month of August, but still remain $10 million under estimates.
Finance Commissioner Sawin Millett told Capitol News Service that sales taxes are not tracking as expected so far this budget year, and that general merchandise spending remains below last year's levels. However, both individual and corporate income taxes were above projections in August and helped reduce July's $18 million shortfall. Individual income taxes were $3.7 million above estimates last month.
So far in September, both sales and income taxes appear to be doing well, and Millett hopes they will come in at or a little above projections.
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