Gov. John Baldacci acted prudently last year in resisting raids of the state’s rainy day fund. We were among those who said he should spend it, given its large size against the small-by-comparison shortfalls, especially with important services – like the courts – on the block.

We’re glad he didn’t take the advice. It was worth what he paid for it, as the $56 million lawmakers used to balance the state’s current budget shortfall likely alleviated deeper cuts, even before the biennial bloodletting of $800 million starts on Monday, Feb. 9.

With stimulus money on the horizon – maybe between $600 million and $1.2 billion for Maine, depending on various estimates -plus the shortfall, crafting the next two-year state spending plan could become complex.

As this process moves ahead, filling the reserve cistern shouldn’t be forgotten or foregone. Although the state is facing its sharpest deficit in years, this should not prevent socking money away for the next rainy day. There are storm clouds on the horizon.

And recent history also shows this strategy is not only smart, but pays dividends.

Reserves mean flexibility in inflexible times, like we’re facing. It covers mistakes – like the dumbfounding error by Maine Revenue Services that double-counted $11 million in tax revenue over several years. And it buys credit – a necessity given the tattered credit market.

As the various interest groups draft their legislative spending priorities and lawmakers prep for disagreeing about whose budget is too big, too small, or just right, and whose staffs earn too much, finding ways to put money into reserves should be a universal high priority.

It’s not talked about enough, in our opinion. Maine’s revenue is cyclical, prone to peaks and troughs. Reserves cushion hard landings and may prevent decisions to cheapen government in the name of cuts, while helping preserve services in the name of value and necessity.

Instead of reserves being a low priority, or worse, a happy accident, how much Maine saves for its future is worth serious consideration. The rainy day fund has earned its spot at the appropriations table; it did just help balance this year’s budget, after all, as grimmer days loom.

Which is another reason to focus on savings. The way things look, we’ll likely need them.