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State of Maine Concludes Fiscal Year With Surplus
July 30, 2014
For Immediate Release: Wednesday, July 30, 2014
Contact: Adrienne Bennett, Press Secretary (207) 287-2531
AUGUSTA – Governor Paul R. LePage announced Wednesday that the state ended the fiscal year with a surplus, which brings total revenue reserves to more than $90 million.
Improved fiscal management and reliable revenue forecasting are contributing factors for the flow of excess money. There is now a surplus of $39.1 million and an excess General Fund balance of $9.8 million.
“When I came to Augusta in 2011, I found that our state’s reserves had been cleaned out by the previous administration,” said Governor Paul R. LePage. “We immediately went to work to pay our long overdue welfare debt to Maine’s hospitals, introduce long-term stability to the State’s finances and increase the balance of the budget stabilization fund, which is also called the rainy day fund.”
After the payments that are required as part of the statutorily required year-end “cascade” were made, the State concluded the most recent fiscal year with total reserves of $93.2 million.
The balance of the budget stabilization fund, a key focus of Governor LePage and rating agencies such as Moody’s Investor Services, has increased by more than $8 million after the year-end transfer, bringing the total balance to $68.3 million.
“My fiscal policy focuses on the next generation, not the next election,” said Governor LePage. “I campaigned on a pledge of fiscal responsibility, and my actions since day one have reflected a commitment to that pledge.”
After all year-end transfers, the State has $12.5 million in unappropriated surplus that will carry forward to be used in Fiscal Year 2015.
“With conservative cash management and reliable revenue forecasting, the State of Maine is in a sound financial position entering the new fiscal year,” said State Finance Commissioner Richard Rosen. “We still have much work to do. But under the leadership of Governor LePage, the State has made tremendous progress."