Last week the Maine’s Revenue Forecasting Commission met and has indicated that despite the recession, Maine’s economy is still growing.
Last month state revenues were above estimates by $81 million, and for the budget year to date, revenues are above estimates by $227 million. The increase is being driven by better-than-expected sales and personal income tax collections.
Maine’s economy has done much better than anticipated, a lot of that has to do with the CARES money. Money from the CARES Act paid for the Paycheck Protection Program, expanded unemployment benefits and federal funds for health care providers.