New numbers on the Maine state budget are out. Officials say revenues were above estimates, and state agencies did not spend all that was appropriated to them, yielding a surplus of nearly $176 million for 2018.
Finance Commissioner Alec Porteous says higher-than-projected revenue from the state’s income tax and sales tax and unspent balances in various state accounts of nearly $17 million resulted in the surplus. Budget law allocates the surplus.
“Mainly, it’s 80 percent to the budget stabilization fund, and 20 percent reserved for tax relief,” says Porteous.