123rd MAINE LEGISLATURE
LD 2186 LR 3432(01)
An Act Regarding the Operations of the Greater Portland Public Development Commission
Fiscal Note for Original Bill
Sponsor: Speaker Cummings of Portland
Committee: Business, Research and Economic Development
Fiscal Note Required: Yes
             
Fiscal Note
Potential current biennium revenue decrease - General Fund
Fiscal Detail and Notes
This legislation authorizes the transfer of the Greater Portland Public Development Commission's remaining funds and assets to a Maine nonprofit corporation upon termination of its operations.  Current law requires that when the Commission terminates its operations and all assets are liquidated it must pay the Maine Public Employees Retirement System for any amounts owed for retirement benefits for its employees and then turn over any remaining amount to the General Fund.  The Maine Public Employees Retirement System has indicated nothing is owed by the Commission.  Current assets of the Commission were $641,039 as of December 31, 2007.  Allowing the Commission to transfer its assets to a Maine nonprofit corporation instead of to the General Fund will result in a loss of undedicated revenue to the General Fund.