AUGUSTA (AP) – State government closed fiscal 2005 in a good financial position, the Baldacci administration said as it reported revenues exceeded budgeted estimates by $29.2 million during the year that ended June 30.

In addition, the year-end figures show $15 million in unexpended funds from state agencies, which Gov. John Baldacci said resulted from his executive order limiting spending and maximizing savings.

The administration said $6.5 million carries forward into fiscal 2006 as unappropriated surplus, which will help the state to close a $10 million shortfall in the supplemental budget to fully fund changes in the federal participation rate for the MaineCare program.

“Maine is on a positive economic track,” Baldacci said Thursday. “I am pleased with where we have finished this fiscal year, and look forward to working with the Legislature to continue enhancing the Maine economy.”

The Democratic governor said that the year-end surplus comes months after the Legislature passed a sweeping property tax reduction bill and increased its commitment to education, economic development and health care.

“This is a good first step and there are many other steps to be taken, but I think this is very good news for the state of Maine,” Baldacci said.

A Republican legislative leader acknowledged that the year-end figures were good news for the state, but said they were “consistent with the boom-and-bust cycle that we’ve had historically in the whole budget process.”

“It’s not the revenues that are the problem in the state of Maine, it’s the spending,” added Assistant House Republican Leader Josh Tardy of Newport.

Maine’s bond ratings were lowered by three Wall Street rating agencies prior to a bond sale in June. In doing so, they cited tight liquidity, cash flow borrowing, modest reserves and a structural gap between anticipated revenue and spending demands among other concerns.

In a memo to Baldacci and Finance Commissioner Rebecca Wyke on Wednesday, state Controller Edward Karass suggested that the rating agencies might be pleased with Maine’s year-end figures. Unappropriated surpluses in 2005 ended in the black, in contrast to recent years when they have been in the negative numbers, he said.

Karass said the rating agencies “look very closely at the state’s disposition of any remaining unappropriated surplus after all year-end commitments have been satisfied.”

The final figures for fiscal 2005 were released in the shadow of a caution by state revenue forecasters over the potential impact of the closing or realignment of Maine military facilities and global oil prices as the state looks ahead to the new fiscal year.

The Defense Department has recommended that the Portsmouth Naval Shipyard in Kittery and the Defense Finance and Accounting Service in Limestone be closed, and that the Brunswick Naval Air Station be realigned and all its planes moved to Florida.

The Base Realignment and Closure Commission is reviewing the Pentagon’s proposals and will pass on its recommendations to the president.