Responsible budgeting

“…Revenue has outperformed dire projections from earlier in the coronavirus pandemic, though the trajectory of the virus and the scope of any new federal aid package could change Maine’s budget picture in the coming months.”

Maine’s massive pandemic budget gap may not be as bad as thought, Bangor Daily News, 25 November 2020

Obviously, this is good news largely in relation only to the catastrophic speculations of earlier revenue projections.

But, it is also a credit to the last eight years of increasingly prudent budgeting by the legislature that Maine’s Budget Stabilization Fund, the so-called “Rainy Day Fund,” has grown from $45 million when I first took office in 2012 and currently stands at $260 million, a record high for the state both in terms of absolute dollars and as a percentage of state revenues.

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