Maine’s wet day fund has reached an all-time excessive after the state ended the 2023 fiscal 12 months with greater than $140 million in surplus funds.
The state now has $141 million in surplus funds, in accordance with Maine Public. In whole, the state is ending the fiscal 12 months 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 12 months of the COVID-19 pandemic. The present stabilization funds are almost double what was accessible two years in the past, and quadruple the quantity reached in Gov. Janet Mills’ first 12 months in workplace.
“Maine is healthier ready at this time to face up to an financial downturn than at some other time in state historical past due to sensible, deliberate monetary decisions by my Administration,” Mills stated in a Thursday assertion.
The excess will likely be used to assist increase funding to varied housing initiatives, together with an effort to mitigate the reasonably priced housing disaster that the Legislature authorized in July.
The surplus funds can even go to infrastructure initiatives, together with highway and bridge upkeep, Maine Public reported.
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