Augusta, ME: Treasurer Joe Perry shared key financial figures today for the month of May.
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. May’s distribution was $39,118,073.81. (April’s distribution was $13,121,193.63.; May 2025’s distribution was $34,480,774.39).
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 May, 3,072 claims paid for $4,403,633.26 (7,777 properties paid).
Highest single payment in May 2026 was for $242,564 (stocks and dividends). Last May 2025 paid 2,932 claims for $2,570,115.46 (6,412 properties paid). In the month of April, 3,074 claims paid for $1,129,067.83 (6,237 properties paid).
NOTE: The Treasurer’s Office will be releasing 34,000 checks during the week of June 22 to owners verified through a data match with Maine Revenue Services. These check amounts range from $10 to $5000 and total $10.5 million belonging to owners. The origins of the funds are displayed on the check stub for reference. Checks will likely start arriving in mailboxes on Thursday, June 25th.
SPECIAL FEATURE: MAINE GENERAL OBLIGATION BONDS AND RATINGS
Paying for large capital improvements over time is possible through General Obligation (GO) Bonds. This long-term financing promotes jobs, education, infrastructure, economic development, energy efficiency, water quality, open space, and other public purposes. It achieves public goals approved by the Legislature and Maine voters. The process spreads financial responsibility for long-term investments over the time and population that can expect to enjoy the benefits. See attached schematic for the steps taken in the General Obligation Bond Process.
The State of Maine successfully priced $27,110,000 of general obligation bonds with maturities ranging from one to ten years. The 5% coupon securities issued by the state attracted a premium, generating $29.9 Million in total proceeds. The resulting yield on the bonds which sold above par will range from 2.39% - 3.12%. Proceeds from the bonds will be used to fund recreational trails, historic preservation projection and research & development grants. The State of Maine general obligation bonds are rated AA by S&P and Aa1 Moody’s credit rating agencies. State of Maine bonds can be purchased through most brokerage firms.
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.
###