Maine ends fiscal year with strong budget surplus
AUGUSTA, Maine — Maine Republican Gov. Paul LePage’s administration says the state ended the fiscal year with a surplus of more than $175 million.
The fiscal year ended June 30. The Maine Department of Administrative and Financial Services say the surplus is an indicator the state’s cash position is at “record levels.”
The state says Maine is carrying financial reserves that total $316.2 million into the new fiscal year. LePage says the state’s commitment to budgeting within its means will be advantageous to the next governor, who he says will have the “ability to focus on making investments in the future of our state rather than filling budget gaps.”
LePage is a two-term governor whose second term is coming to an end with November’s election. He has put a premium on fiscal prudence.