Gov. Patrick Announces Fiscal Surplus in Massachusetts
Massachusetts Gov. Deval Patrick's administration says the state ended the last fiscal year with a $116 million surplus.
The extra money will be deposited into the state's Stabilization Fund, commonly known as the "rainy day" fund.
The deposit brings the fund's current balance to $1.65 billion, which officials say gives Massachusetts the third highest reserve fund balance in the nation behind Texas and Alaska.
State Treasurer Steven Grossman says the state's strong fiscal management has allowed it to benefit from lower borrowing rates than most other states.
Tax revenues for the first three months of the current fiscal year that started July 1 have run below benchmarks, prompting the administration to order tighter controls on state spending and hiring.
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