Maine treasurer to discuss finances as fiscal 2011 draws to close

Posted June 23, 2011, at 5:32 a.m.
Last modified June 23, 2011, at 12:57 p.m.

AUGUSTA, Maine — Maine Treasurer Bruce Poliquin says steps need to be taken to improve the state’s bond rating in order to lower borrowing costs.

At a news conference Thursday, Poliquin said the state’s cash flow needs to be improved, the state’s “rainy day fund” needs to be replenished, long-term obligations must be met and money that passed on to succeeding budgets needs to be repaid.

Poliquin says progress has been made in some of these areas. For example, the state’s new $6.1 billion budget reduces the negative balance by $100 million, and dramatically reduces the long-term debt in the state pension system.

Poliquin said the state’s current bond ratings did not change before a June 2 sale of $108 million in bonds, but could improve before the next one.

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