Maine ends fiscal year with $39 million more revenue than expected

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AUGUSTA, Maine — Republican Gov. Paul LePage's administration says Maine ended the fiscal year on June 30 with better-than-expected revenues of more than $39 million.

Department of Administrative and Financial Services Commissioner Richard Rosen said Wednesday that the revenue and unused funds produced a net year-end surplus of nearly $62 million.

Rosen said the individual income tax and corporate income tax brought in more money than anticipated.

The surplus went to a variety of reserves, including $8.5 million to the rainy day fund, which is used to cover shortfalls and emergencies and now holds $68.3 million.

More than $12 million that hasn't been appropriated will carry forward to be used in the next fiscal year.

Rosen said Maine completed the fiscal year with a total of $93.2 million in reserves.

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