Maine Looks to Tighten Up $5.3 Billion Biennial Budget

Piazza, Johanna
May 2003
Bond Buyer;5/1/2003, Vol. 344 Issue 31626, p3
Trade Publication
Legislation attempting to control in Maine's 5.3 billion dollar fiscal 2004-2005 biennial budget is expected to be introduced on May 1, 2003 following proposals by Governor John Baldacci on April 29, 2003. The proposed legislation will include little reduction in services, a favorable accounting correction on balance sheets, and reductions in Maine's debt service to close the 48 million dollar gap for the two-year cycle beginning July 1, 2003. The state has no plans for refunding or restructuring its debt; rather, 10 million dollars in debt service savings is expected due to high interest-rate assumptions made 2002 Fall.


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