AUGUSTA — A new budget forecast is projecting that Maine’s state spending will exceed revenues by $756 million during the next two-year budget cycle.
The Bureau of the Budget issued its budget forecast Friday for fiscal years 2014 and 2015, as required by law.
The $756 million estimate is a starting point when administration officials put together a two-year budget proposal for the incoming Legislature this winter.
Finance Commissioner Sawin Millett tells the Bangor Daily News that the report is not a reflection of what the budget will actually look like.
The forecast is based on a number of assumptions — such as education spending — that are unlikely. It also doesn’t take into account proposals that could cut spending or raise additional revenues as part of a budget proposal.
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