$39M in unexpected revenue at end of fiscal year

AUGUSTA, Maine (AP) -- Republican Gov. Paul LePage's administration says Maine ended the fiscal year on June 30 with better-than-expected revenues of more than $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 went to a variety of reserves, including $8.5 million to the rainy day fund, which is used to cover shortfalls and emergencies and now holds $68.3 million.

More than $12 million that hasn'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.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment