Mass. Had $460M Surplus In FY 2011

Gov. Deval Patrick says the state closed out the last fiscal year with a $460 million surplus, and he wants much of it to be put into the state's so-called Rainy Day Fund.

In a letter sent to the Legislature on Thursday, Patrick asked lawmakers to deposit $300 million into the reserves, bringing the fund to more than $1 billion for the first time since 2008.

A supplemental budget filed by the governor also seeks $10 million to reimburse cities and towns for costs related to the June 1 tornadoes; $35 million for infrastructure projects; and directs that a "limited amount" of surplus funds be used to restore cuts in human service programs.

Officials say the surplus for the fiscal year that ended June 30 was boosted by larger than anticipated capital gains tax revenue.