Bond hearings and Revenue Forecasting Committee

The penultimate day of public hearings on referred bonds began this morning. AFA heard from sponsors and proponents of the following bills:

The committee amendment for LD 1507, An Act To Establish a Local Fiscal Recovery Funds Program and Allocation is available now. This bill will be considered tomorrow in session.

Hearings on referred bond bills concludes Thursday at 10:00 AM. The full schedule can be found here.

Those meetings will all be broadcast both on mic and on camera.

Votes and discussions from that meeting and future meetings will be found here along with history on past budgets.

Revenue Forecast Committee

The Revenue Forecast Committee (RFC) convened this afternoon to implement the recommendations of the Consensus Economic Forecasting Commission (CEFC). General Fund revenues are slated to increase by $922.5M over this fiscal year (FY21) and the upcoming biennium.

FY21FY22FY23
$461,928,979$241,344,813$219,186,512

Due to extraordinary actions by the Federal government, Maine’s economy is roughly back to where it was projected to be before the pandemic. $83M over with respect to this fiscal year and $58M next year according to the Governor. It is worth noting that a great deal of this activity may be associated with one-time federal funds.

The RFC will present the report to the Appropriations committee on Monday, May 3.

1 thought on “Bond hearings and Revenue Forecasting Committee

  1. Pingback: Full RFC report, next budget work session | Maine Budget Blog

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