This document describes the formulation of the biennial budget request, legislative consideration, and budget monitoring and adjustments. 

This report summarizes the major state funding disbursed to municipalities and counties. These disbursements represent a substantial portion of the State’s budget and significantly affect local government budgets as well. The State’s support of municipal and county functions through these disbursements has a major impact on the amount of local property taxes assessed on Maine taxpayers to support municipal and county government.

The Revenue Forecasting Committee (RFC) met on February 21, 2014 to review and update the current
revenue forecast to comply with this year’s statutory reporting date of March 1st. The RFC revised its
revenue projections through the fiscal year ending June 30, 2017 based on the new economic forecast by
the Consensus Economic Forecasting Commission for its February 1st reporting date, updated tax data
and a review of recent experience. The RFC updated its forecasts for the General Fund, Highway Fund,
Fund for a Healthy Maine and Medicaid/MaineCare Dedicated Revenue Taxes.