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.