$111 million surplus carried over from Maine fiscal year
Jul. 27, 2017
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 (http://bit.ly/2u1kN9k ) 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, http://www.pressherald.com