$73 Million Headed to Maine’s Rainy Day Fund
Gov. Paul LePage is looking to funnel nearly $73 million in a projected budget surplus into Maine's rainy day fund. The state Revenue Forecasting Committee said Monday it expects $72.7 million in additional revenue through the end of the two-year budget cycle in June 2017.The Republican governor is planning to introduce legislation to send that money into the state's budget stabilization fund.
If approved, the move would increase the state's rainy day fund from $111 million to at least $183 million.LePage says the state government could operate for little more than a week on the current balance. He says the move could "restore some semblance of fiscal responsibility to state operations." (AP)