__________

General Fund Total (5,000)

SECRETARY OF STATE, DEPARTMENT OF THE

DEPARTMENT TOTALS 2002-03

GENERAL FUND (10,000)

__________

DEPARTMENT TOTAL - ALL FUNDS (10,000)

SECTION TOTALS 2002-03

GENERAL FUND 2,700,000

FEDERAL EXPENDITURES FUND 9,018,445

__________

SECTION TOTAL - ALL FUNDS $11,718,445

PART MMM

Sec. MMM-1. 5 MRSA §13063-O is enacted to read:

§13063-O.__Microenterprise initiative fund program review

1.__Accounting, evaluation and reporting requirements.__The department shall:

A.__Maintain an accurate accounting of the use of all program funds as required by state procedures and program guidelines, including a detailed accounting of all program funding sources and expenditures;

B.__Undertake an ongoing process to evaluate the impact of the projects undertaken with program funds.__The evaluation process must include benchmarks and criteria to evaluate the success of the fund.__The benchmarks and criteria must be designed by the department to provide the following:

(1)__An assessment of the direct and indirect economic impact of the funded projects; and

(2)__An assessment of the contribution of the fund to the creation of new entrepreneurial opportunities; and

C.__Each year, submit a report to the joint standing committee of the Legislature having jurisdiction over business research and economic development matters.__The report must include: