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Politics

Mills Administration Announces Plump Rainy Day Fund

Governor Janet Mills today announced that the state's rainy day fund is at a historic high of nearly $492 million, after a deposit more than $223 million.

The account- actually called the Budget Stabilization Fund- is designed as a contingency buffer in the event of economic downturn so the state can continue to pay its bills...

Despite projected shortfalls to revenue stemming from the pandemic, federal relief aid has filled the gaps.

In a written statement, Kirsten Figueroa, Commissioner of the Department of Administrative and Financial Services, attributes the state's good financial position to "prudent fiscal management" and steps taken by the Governor and the Legislature to grow the fund while preserving essential programs and services.

In May, both Moody’s and Standard & Poor’s affirmed high credit ratings for the state, citing the health of the state's cash reserves.