AUGUSTA, Maine — Maine ended the 2022 fiscal year in the black, officials announced on Friday afternoon.
"According to Maine State law, when year-end revenues exceed projections and result in a General Fund surplus that is not appropriated, those funds are allocated to certain accounts — including the Budget Stabilization Fund —through the process known as the 'cascade,'" a news release from the Department of Administrative and Financial Services stated.
For this fiscal year, lawmakers identified three additional funds to receive one-time monetary support, the release stated. They are the Highway and Bridge Reserve Fund, Education Stabilization Fund, and Disaster Recovery Fund, officials said.
“The state of Maine has ended the fiscal year in the black and, consistent with state law, has transferred unappropriated funds to the accounts prescribed in law by the Legislature,” Kirsten Figueroa, commissioner of the Department of Administrative and Financial Services, said in the release. "The state continues to operate in a fiscally responsible manner by building up the Rainy Day Fund and preventing the need to bond for transportation projects.”
Consistent with state law, the $595.1 million in General Fund surplus was allocated via the “cascade,” including the following distributions:
- $401.9 million to the Budget Stabilization Fund
- $135.5 million to the Highway and Bridge Funds
- $15 million to the Education Stabilization Fund
- $3.3 million to the Disaster Recovery Fund
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