Maine might curtail spending up to $37M as revenues keep falling short (Bangor Daily News)

November 28, 2012 – Gov. Paul LePage’s finance commissioner said Wednesday state agencies likely will have to curtail spending by up to $37 million in the coming weeks, the result of new revenue projections that show state tax collections continuing to come up short for this fiscal year. State revenues have been in the red for much of the budget year, which started July 1, but the projections were revised downward even further Wednesday by the state’s revenue forecasting committee. “We have to stop spending now temporarily so we can bring the budget into balance,” state Finance Commissioner Sawin Millett said. Millett said the downward revenue projections — once they are completed — mean “we are in a posture of having to curtail FY ’13 revenues and expenditures to stay within this new forecast.”

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