Maine ends fiscal year with budget surplus of almost $168 million

AUGUSTA — Maine officials say the state ended the fiscal year with a budget surplus of nearly $168 million.

The Maine Department of Administrative and Financial Services announced the surplus on Tuesday. The department says it transferred $18.1 million to the state’s budget stabilization fund and $4.5 million to the Property Tax Relief Fund for Maine Residents.

State finance commissioner Kirsten Figueroa says the state is in a “strong economic position.” The department says the balance of the property tax relief fund is nearly $33 million, and that triggers a relief payment of at least $100 to the property tax payer for each homestead in Maine.

The budget stabilization fund is $236.9 million. The department says the fund acts as a savings account for Maine.

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