AUGUSTA – A state panel of fiscal experts agreed Wednesday that Maine’s budget shortfall is around $240 million, setting the stage for a much anticipated meeting between Gov. Angus King and legislative leaders to discuss how to handle the gap.

Forecasters began to size up the shortfall in preliminary fashion two weeks ago and completed their analysis under close scrutiny from interested parties in and out of government.

“The good news is we have a number,” said House Speaker Michael Saxl, D-Portland. “The bad news is the number.”

To date, King has proposed a variety of measures that could, if approved or allowed to stand by the House and Senate, offset two-thirds of the shortfall.

King spokesman Tony Sprague said the governor’s office was putting together a meeting for Thursday afternoon.

Such a meeting would be expected to focus on how to cover a shortfall $60 million larger than originally estimated about four months ago.

Participants, including House and Senate leaders and ranking members of the Appropriations Committee, are also likely to talk about whether and when to hold a special session of the Legislature.

Complicating plans for a session is disagreement between majority Democrats, who are seeking at least some level of legislative consensus in advance, and Republicans who are stressing the need for swift action.

King, an independent, is “still hoping to have some type of general agreement before the session goes forward,” Sprague said.

The $240 million budget gap reflects a $92.5 million revenue shortfall for fiscal 2002, which ended June 30, and a looming shortfall for fiscal 2003 pegged at close to $150 million by the state Revenue Forecasting Committee.

On May 1, King warned of a $180 million shortfall for the two-year budget cycle and laid out a package of proposed initiatives designed to offset it.

At that time, King said he was focusing on an accelerated transfer of money from the state’s $100-million-plus Rainy Day Fund to ensure the budget remained in balance through June.

He also noted that such a transfer would necessitate other steps to curb expenditures over the following 12 months.

Some savings have been generated already.

Now, given the new revenue projections by the forecasting panel, state officials need to offset about $225 million to balance fiscal 2003, top gubernatorial aide Kay Rand said.

King’s proposals to date include an initiative to reduce expenditures that has already been put in place and is designed to save close to $60 million in 2003.

Rand, looking toward a Thursday meeting with lawmakers, said administration officials were preparing to “present them with our proposal” for covering an additional $60 million.

She also indicated that the administration was willing to bring forth a legislative bill incorporating proposed budget changes as soon as possible, but suggested that the reaction from lawmakers would influence what happens next.

“It depends on what we learn from leadership,” Rand said.