Baldacci Delivers $5.7b Budget Plan Partly Funded by Jump in Fees, Fines

Summary

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AUGUSTA - Declaring that his next two-year budget reflects the slowest state spending growth in more than 30 years, Gov. John E. Baldacci submitted a $5.7 billion tax-and-spending bill to the Legislature Friday for a thorough review by lawmakers.

The new budget, which becomes effective July 1, is funded by increased fees and fines, state department restructuring and the elimination of 69 state employee positions. It also includes a plan to obtain a $250 million upfront payment for leasing the revenue stream from the Maine State Lottery to an investor for a 10-year period. State officials place the value of the lottery's revenues over 10 years at $400 million.

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Baldacci Delivers $5.7b Budget Plan Partly Funded by Jump in Fees, Fines

Another major element of the governor's budget is a plan to refinance the debt in the Maine State Retirement System over a 23- year period instead of the current 14-year schedule to recoup between $100 million and $150 million over the ne...

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