LD 1141, Page 3 - 121th Legislature, FIRST REGULAR Session

of the Legislature.__Accepted revenue estimates may be increased

for other fiscal periods only if an amount not to exceed 25% of

the increase is transferred by the State Controller to the

Education Funding Stabilization Fund at the same time the

revenue estimates are increased from the unappropriated surplus

of the General Fund.

4.__Transfers from fund.__Money in the fund may be allocated
only for the purpose of meeting the State's share of the cost
of funding public education from kindergarten to grade 12 and
only upon a 2/3 vote of all the members elected to each House
of the Legislature.

5.__Nonlapsing fund.__Any unexpended balance in the fund may
not lapse, but must be carried forward.

6.__Investment of fund.__The money in the fund may be
invested as provided by law with the earnings credited to the
fund.

Sec. 4. 5 MRSA з1710-A, sub-зз2 and 3, as amended by PL 1997, c. 643,
Pt. W, з1, are further amended to read:

2. Biennial economic assumptions. The commission shall
submit recommendations for state economic assumptions for the
next fiscal biennium and analyze economic assumptions for the
current fiscal biennium, which must be approved by a majority
of the commission members. No later than November 1st of each
even-numbered year, the commission shall submit to the
Governor, the Legislative Council, the Revenue Forecasting
Committee, the State Tax Assessor, the Commissioner of
Education and the joint standing committee of the Legislature
having jurisdiction over appropriations and financial affairs
a report that presents the analyses, findings and
recommendations for economic assumptions related to revenue
forecasting for the next fiscal biennium. The report must
identify the actual growth in total annual personal income for
the 2 years preceding the current fiscal year, and an estimate
of the projected growth in total annual personal income for
the current fiscal year and for each fiscal year of the next
biennium.__For purposes of this subsection, "total annual
personal income" means the total personal income of the
State's residents as reported by the United States Department
of Commerce, Bureau of Economic Analysis for the fiscal year
that coincides with the State's fiscal year. In its report,
the commission shall fully describe the methodology employed
in reaching its recommendations.

3. Current biennium adjustments. No later than February
1st and November 1st annually the commission shall submit to
the Governor, the Legislative Council, the Revenue Forecasting

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