The presence of surplus doesn’t mean lawmakers can spend that money wherever they like… This year, $19 million went into a reserve account accessible to lawmakers for unexpected budget needs in the current fiscal year. Meanwhile, $10.3 million was allocated to an employee retirement reserve… $8.5 million to the state’s rainy day fund… $3.5 million to the “Tax Relief for Maine Residents” fund, established by the Republican-controlled 125th Legislature as a means to put money away for an eventual, permanent reduction in the individual income tax. #mepolitics #budgets #taxes
Posted on: Tue, 26 Aug 2014 00:00:01 +0000
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