AUGUSTA — On Tuesday, the Maine Revenue Forecasting Committee released a preliminary revenue forecast report that includes an additional $139 million in general fund revenues for this fiscal year and $125 million for state fiscal year 2025. 

Senate President Troy Jackson, D-Allagash, and Senator Peggy Rotundo, D-Lewiston, Chair of the Legislature’s Appropriations and Financial Affairs Committee, released the following statements:

President Jackson:

“Yesterday’s revenue forecast report makes clear that the Maine Legislature has the resources to finish what we started and deliver for our families, our communities and our economy. Earlier this year, we passed a smart and targeted budget that made transformational investments in child care, housing, emergency medical services and more. But we know more needs to be done — glaring needs remain all across the state.

 “Amid teacher shortages, lawmakers must double down on efforts to raise wages for teachers, ed techs and school support staff. With families struggling to access critical care, lawmakers must prioritize investments in long-term care, including our veterans’ homes, and behavioral health. At the same time, we cannot let up on our work on child care, housing and EMS or ignore the tragedies plaguing our child welfare system. 

“The time for the Legislature to act is now. We know what the needs are, we know the resources are there, and we know how to get this done responsibly. More importantly, we are well-equipped to handle an unexpected economic downturn with a rainy day fund of $968.3 million – a historic high. The only question that remains is whether we will meet this moment for the people of Maine.”

Senator Rotundo:

“The preliminary Revenue Forecasting Committee numbers are good news. I hear from so many of my fellow Mainers — teachers, veterans, business owners, health care workers, recent young parents and many more — who are looking to the Legislature to make wise investments in the future. The increased amount of revenue will help us to do just that. 

“As Chair of the Appropriations and Financial Affairs Committee, I take spending Maine taxpayers’ money very seriously. It is critically important that the Legislature make responsible, sensible decisions about how best to serve our communities. 

“I look forward to returning to the State House next month to reconvene with my Democratic and Republican colleagues to add to our achievements for working Mainers and their families. A positive revenue projection is only the beginning. We need to come together with a shared vision of prosperity for all Mainers and the will to act on it.”

The Maine Revenue Forecasting Committee is an independent, nonpartisan commission outlined in statute, charged with developing a report that presents the analyses, findings and recommendations for adjustments to General Fund revenue and Highway Fund revenue for the current and ensuing fiscal biennia. 

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