AUGUSTA (AP) — Maine officials say the state ended the fiscal year on June 30 with a surplus of nearly $60 million.
Republican Gov. Paul LePage said Tuesday that the rainy day fund also increased by nearly $43 million in fiscal year 2015 to more than $111 million.
LePage said he’s encouraged that the rainy day fund has surpassed $100 million. But he says the reserve is still too low, considering that the state spends more than $3 billion a year. He says he’s committed to further boosting its balance.
Lawmakers recently approved a proposal by LePage to direct more surplus funds to the rainy day reserve.
Officials say that roughly $25.6 million from the $60 million surplus will be carried over for use in the current fiscal year, which began July 1.
Comments are not available on this story. Read more about why we allow commenting on some stories and not on others.
We believe it's important to offer commenting on certain stories as a benefit to our readers. At its best, our comments sections can be a productive platform for readers to engage with our journalism, offer thoughts on coverage and issues, and drive conversation in a respectful, solutions-based way. It's a form of open discourse that can be useful to our community, public officials, journalists and others.
We do not enable comments on everything — exceptions include most crime stories, and coverage involving personal tragedy or sensitive issues that invite personal attacks instead of thoughtful discussion.
You can read more here about our commenting policy and terms of use. More information is also found on our FAQs.
Show less