Augusta, ME: Treasurer Joe Perry shared key financial figures today for the month of March.
The State of Maine Cash Pool represents investments permissible by Maine Statute: Title 5: Administrative Procedures and Services, Part 1: State Departments, Chapter 7: Treasurer of State, Section 135, and consists of excess money in the State Treasury that is 'not needed to meet current obligations'. The State funds and funds of component units of the State are pooled and invested by the Treasurer's Office; generally most securities are held to maturity or called when the par value of the security is received.
The Budget Stabilization Fund (sometimes referred to as the Rainy Day Fund) was created in 2003.
The Budget Stabilization Fund acts as the State of Maine’s savings account. It is a reserve balance that is set aside in good economic times to protect the state budget from the volatile changes in revenues that can occur when the economy unexpectedly slows. The goal of the Fund is to reduce the effect on the operation and services of state government and prevent policymakers from increasing taxes during sudden economic downturns.
Revenue Sharing is distributed per Title 30-A, Subpart 9, Chapter 223, Subchapter 2, Section 5681, by the 20th of each month to each municipality based on a formula whose variables include municipal populations, state valuations and tax assessments. The monthly revenue sharing pool is funded by setting aside a percentage of the State Government's sales, service provider, personal and corporate income tax receipts for the month. For a detailed description of how the funds are calculated and distributed, please see the Calculate Revenue Sharing. March’s distribution was $7,769,655.88. (February’s distribution was $25,831,371.07; February 2025’s distribution was $8,325,136.52).
NOTE: March is historically lower because of outgoing income tax payments.
Unclaimed Property consists of money and other financial assets that are considered lost or abandoned when an owner cannot be located after a specified period of time of inactivity. It includes items such as bank accounts, uncashed checks, life insurance policies, unpaid wages, stocks and dividends, refunds, and safe deposit box contents. Unclaimed Property does not include real estate, animals or vehicles.
Each and every year, tens of millions of dollars go unclaimed by Maine residents. These financial assets are turned over by thousands of national and local businesses and organizations by a law called MRSA Title 33, Chapter 45: Maine Revised Unclaimed Property Act. http://legislature.maine.gov/statutes/33/title33ch45sec0.html. The Treasurer’s office holds these assets, free of charge, until claimed by the owner or heir. The State is currently holding approximately $393,000,000 in unclaimed property. In the month of March, 13,360 claims paid for $4,298,357.77 (30,904 properties paid).
Highest single payment in March 2026 was for $309,480 (Mutual Fund Account). Last March 2025 paid 2,610 claims for $4,069,627.32 (11,313 properties paid). February 2026, 7,876 claims paid for $2,799,923.26 (13,574 properties paid).
SPECIAL FEATURE: UPCOMING BOND SALE
The Office of the State Treasurer is planning to issue up to $30M in previously authorized general obligation bonds before the end of the fiscal year on June 30. The bonds will fund projects across three separate programs. One invests in the design, development, and maintenance for motorized, non-motorized and multi-use trails. The second will fund the restoration of historic buildings owned by governments and non-profit organizations. And the third will be to provide funds for research and development and commercialization for Maine-based institutions in targeted technology sectors. It is anticipated that the remainder of the bonding authorization will be issued in fiscal year 2027.
The Office of the Treasurer sells bonds to investors to raise money for capital projects. Investors in the bonds then received principal and interest payments for the life of the bonds until they are retired. Bonds are authorized by 2/3 vote in the legislature and approval at referendum by the Maine voters. FMI about the bond process, https://www.maine.gov/treasurer/maine.gov/treasurer/debts-bonds/state-bond-process.
About the Office of the Treasurer: the Office of the Treasurer of State is established in Article V, Part Third of the Constitution of the State of Maine. The core duties of the Treasurer’s Office are debt management, cash management, trust fund administration and unclaimed property administration. Other major tasks assigned to the Treasurer are directorships on many of Maine’s quasi-governmental debt issuing agencies and distributions under the Municipal Revenue Sharing Program.
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