Budget & Taxes

LD 1292 codifies a requirement for the Maine Turnpike Authority to transfer excess funds to the Highway Fund on a quarterly basis. It specifies that any revenues or reserves held by the Authority exceeding its approved operating budget, maintenance reserves, debt service obligations, and legislatively approved capital projects must be sent to the Highway Fund. This directly affects the Authority’s financial management and the Highway Fund, which funds state transportation projects. The bill aligns with the Sensible Transportation Policy Act by directing excess turnpike revenues toward broader highway needs rather than remaining within the Authority’s reserves.

This bill modifies how Maine municipalities calculate their annual property tax levy limits. It requires the State Treasurer to post annual revenue forecasts by April 15th to help towns plan budgets, and establishes a new formula using "average personal income growth" and a "property growth factor" to set the tax limit. The tax limit for a municipality is now based on the previous year's levy multiplied by one plus this growth factor, directly affecting all Maine towns and cities that set property taxes. The changes aim to provide clearer, data-driven guidance for municipal budgeting.