AUGUSTA, Maine (AP) — Gov. Paul LePage’s administration says Maine ended the fiscal year on June 30 with better-than-expected revenues of $39 million.
Department of Administrative and Financial Services Commissioner Richard Rosen said Wednesday that the revenue and unused funds produced a net year-end surplus of nearly $62 million.
Rosen said the individual income tax and corporate income tax brought in more money than anticipated.
The surplus has gone to a variety of reserves, including $8.5 million for the rainy day fund, which is used to cover shortfalls and emergencies and now holds $68.3 million.
More than $12 million of the funds that haven’t been appropriated will carry forward to be used in the next fiscal year.
Rosen said Maine completed the fiscal year with a total of $93.2 million in reserves.