Revenue shortfalls approach $80M
The Legislature's Appropriations Committee is looking to cut at least $80 million from next year's budget, which is more than double what was originally expected, according to the Kennebec Journal.
Preliminary numbers indicate the state's year-to-date revenue is $50 million down from projected, Ryan Low, commissioner of the Department of Administrative and Financial Services, told the paper. General Fund revenue in May was $21 million under budget, and numbers for June, slated to be released soon, are expected to be low as well, according to The Times Record. The committee already has to find $30 million in savings in the 2011 budget.
State Controller Ed Karass told the committee yesterday that Maine will need to take out a $150 million tax-anticipation note to pay bills this fiscal year, which must be paid back by June 30, 2010, according to the Kennebec Journal. It's the first time the state has needed to borrow money to pay bills in three years.
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