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Gov. Lepage to Introduce Bill to Restore $21 Million Dollars to Rainy Day Fund

| March 4, 2014

LePage

AUGUSTA, Maine (AP) – Gov. Paul LePage says he’s introducing a bill to restore $21 million in Maine’s rainy day fund. ┬áThe money is to be used to pay for revenue sharing for cities and towns. The Republican governor couldn’t provide details on how he’d pay for the measure on Tuesday. But his administration says the proposals are “not controversial” and would use money not currently needed in the two-year budget. If the bill fails, LePage says he will keep his promise and not approve bonds until the rainy day fund has at least $60 million. It’s currently at $59 million, before the revenue sharing comes out. Democrats reject the notion that taking from the rainy day fund will impact the state’s bond credit rating and say LePage’s withholding of bonds is hurting the state.

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