Governor Janet Mills announced that her Administration has deposited another $223.6 million into the State’s Budget Stabilization, or so-called “Rainy Day” Fund, bringing it to an historic high of $491.9 million. Since Governor Mills took office, the Administration, with the support of the Legislature, has deposited more than $282 million into the Rainy Day Fund, more than doubling its balance.
The $223.6 million deposit is the result of the State budget, signed into law by Governor Mills, allowing the majority of surplus revenues from Fiscal Year 2021 to be deposited into the Rainy Day Fund for emergencies. That these surplus revenues exist is tribute to Maine’s solid financial standing, the responsible fiscal moves Governor Mills and the Legislature made throughout 2020 and 2021, prudent management of Departmental spending throughout the pandemic, and Federal support for Maine’s economy and people. As a result, Governor Mills was able to maintain and increase the Budget Stabilization Fund – rather than take from it – while also maintaining critical services for Maine people throughout the pandemic.