AUGUSTA — Maine officials say the state ended the fiscal year with a budget surplus of nearly $168 million.

The Maine Department of Administrative and Financial Services announced the surplus on Tuesday. The department says it transferred $18.1 million to the state’s budget stabilization fund and $4.5 million to the Property Tax Relief Fund for Maine Residents.

State finance commissioner Kirsten Figueroa says the state is in a “strong economic position.” The department says the balance of the property tax relief fund is nearly $33 million, and that triggers a relief payment of at least $100 to the property tax payer for each homestead in Maine.

The budget stabilization fund is $236.9 million. The department says the fund acts as a savings account for Maine.

Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.