- Associated Press - Tuesday, August 4, 2015

AUGUSTA, Maine (AP) - Maine officials say the state ended the fiscal year on June 30 with a surplus of nearly $60 million.

Republican Gov. Paul LePage said Tuesday that the rainy day fund also increased by nearly $43 million in fiscal year 2015 to more than $111 million.

LePage said he’s encouraged that the rainy day fund has surpassed $100 million. But he says the reserve is still too low, considering that the state spends more than $3 billion a year. He says he’s committed to further boosting its balance.

Lawmakers recently approved a proposal by LePage to direct more surplus funds to the rainy day reserve.

Officials say that roughly $25.6 million from the $60 million surplus will be carried over for use in the current fiscal year, which began July 1.

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