Maine’s wet day fund reaches all-time excessive with $141M finances surplus
Maine’s wet day fund has reached an all-time excessive after the state ended the 2023 fiscal yr with greater than $140 million in surplus funds.
The state now has $141 million in surplus funds, based on Maine Public. In whole, the state is ending the fiscal yr with almost $970 million in stabilization funds.
In 2021, the state’s stabilization funds reached a excessive of $492 million as Maine bounced again from the primary yr of the COVID-19 pandemic. The present stabilization funds are almost double what was out there two years in the past, and quadruple the quantity reached in Gov. Janet Mills’ first yr in workplace.
“Maine is healthier ready at the moment to face up to an financial downturn than at another time in state historical past due to good, deliberate monetary selections by my Administration,” Mills mentioned in a Thursday assertion.
The excess will likely be used to assist increase funding to numerous housing initiatives, together with an effort to mitigate the reasonably priced housing disaster that the Legislature authorised in July.
The surplus funds can even go to infrastructure tasks, together with street and bridge upkeep, Maine Public reported.
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