State Fiscal Year Ends With $111 Million Surplus
The LePage administration has announced that Maine ended its fiscal year June 30th with a surplus of $110.9 million.
The surplus, according to the LePage administration, will be directed into funds to reduce the rate of the state income tax and to stabilize the state budget. The administration will set aside $37 million for the Budget Stabilization fund while approximately $9 million will go towards cutting the state budget, according to the Portland Press Herald.
According to the Associated Press, $350,000 will be put into the governor's contingency account and $57 million will be allocated for the 2018 state budget that the Legislature recently passed.
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 projected incomes.