This problem drives me nuts, because the max_execution_time in the php.ini and in the htaccess and reported from php is definitely higher, than reportet in the warning message.

<?php
echo "Max execution time: ".ini_get("max_execution_time")."<br />";
while(true)
{
    sleep(1);
}
?>

Output: Max execution time: 240

Fatal error: Maximum execution time of 60 seconds exceeded in C:\xampp\htdocs\timetest.php on line 5