AUGUSTA — The state concluded the 2015 fiscal year in June with a $59 million surplus and more than $111 million in its rainy-day fund. But in a news release Tuesday, Republican Gov. Paul LePage said the state’s Budget Stabilization Fund, known as the rainy-day fund, was still too little for his liking and may […]
rainy day fund
Posted inMaine, sj-web
Study faults Maine for poor ‘rainy day’ planning, but lots of other states fare worse
AUGUSTA — The balance in Maine’s rainy day fund has been the source of considerable State House drama in recent months, but a new study by a respected national group highlights that piling up cash reserves is not just political theater. The state’s rainy day fund is essentially state government’s savings account. How it should […]
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Posted inMaine, sj-web
LePage signs bill adding $21 million to rainy day fund
AUGUSTA — Maine Gov. Paul LePage has signed a bill to replenish the state’s rainy day fund and is allowing infrastructure projects that were put on hold to move forward. The Republican governor’s bill puts $21 million back into the fund, which was tapped to pay for revenue sharing. LePage said drawing from the fund […]
Posted inMaine, sj-web
Legislature passes rainy day plan, budget fix
AUGUSTA — The Legislature has soundly approved an emergency bill spearheaded by Gov. Paul LePage to restore $21 million to the state’s rainy day fund and another emergency measure to fill a $40 million hole in this year’s budget. The bills both passed with zero debate, but the ease with which they cruised through the […]
Posted inMaine, sj-web
LePage, Democrats blame each other for hold-up of voter-approved bonds
AUGUSTA — Democratic lawmakers and Gov. Paul LePage traded barbs Thursday about who’s to blame for the hold-up of voter-approved bonds. LePage has refused to issue the bonds until the Legislature replenishes the state’s budget stabilization fund, which lawmakers from both parties agreed to use $21 million from last month as part of a measure […]
Posted inMaine, sj-web
LePage blasts Democrats, plans to replace $21 million in rainy-day fund
Democratic leaders react to Gov. Paul LePage’s announcement AUGUSTA — Gov. Paul LePage announced Tuesday that he has a plan to reverse what he called an “irresponsible and incompetent” $21 million raid of the state’s rainy day fund by the Legislature, which he said would make him willing to release more than $100 million in voter-approved […]