The state finished the fiscal year that ended June 30 with a $70.4 million surplus, the governor’s office announced today.

The money comes from increased corporate income tax collections and sales and use taxes. And while it may help fill a possible $100 million hole in the new budget, state law dictates how it can be distributed.

 “The surplus puts Maine in a better position to address a number of challenges facing our state,” Gov. John Baldacci said in a statement. “We are beginning to see signs that our economy is recovering from the recession, but things remain fragile and we must be vigilant.”