AUGUSTA, Maine — An improving economy and rigid fiscal discipline under Republican Gov. Paul LePage have contributed to an all-time record for Maine state government: more than $1 billion in its cash pool.
The amount of money in the cash pool varies from day to day as revenues come in and expenditures go out, but State Treasurer Terry Hayes, an independent, said the average monthly balance has surpassed the $1 billion mark in all of the past seven months except August 2016. Hayes, a former Democrat who was elected in December to a second two-year term as treasurer, said that in addition to a slowly improving economy, the lofty balance is because of work by the Republican-controlled executive branch under LePage.
California, take notice.