AUGUSTA, Maine (AP) — Gov. Paul LePage's administration says Maine has ended the fiscal year with a $110.9 million surplus.

The Republican administration says the surplus will be funneled into funds to stabilize the state budget and reduce the state income tax rate. The Portland Press Herald reports ( ) the administration will allocate about $37 million for the Budget Stabilization Fund, and about $9 million aimed at reducing the state income tax.

The stabilization fund is a reserve balance that can be drawn on when the economy declines or other factors cause revenues to fall short of projections.

The surplus will also provide $350,000 for the governor's contingency account, while $57 million will go to the state budget for 2018 that was recently passed by the Legislature.


Information from: Portland Press Herald,