121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1864
		An Act to Recruit and Retain College Graduates through Loan Repayment
		LR 2722(02)
		Fiscal Note for Bill as Amended by Committee Amendment " "
		Committee: Education and Cultural Affairs
		Fiscal Note Required: Yes
		Majority Report
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings)
	General Fund		$0	$1,000,000	$0	$0
Appropriations/Allocations
	General Fund		$0	$1,000,000	$0	$0
Fiscal Detail and Notes
	This bill establishes a Future for Youth in Maine Loan Repayment Program as a non-lapsing, interest-earning, revolving fund within the Finance Authority of Maine and provides a General Fund appropriation of $1,000,000 in fiscal year 2004-05 to fund loan repayments.  Future General Fund appropriations may be required to support the program.  The amount and timing of the appropriations can not be determined at this time and will depend on the number of applicants over time.
	Information available to the Department of Labor to determine "labor shortage areas" in the State may not be sufficient to provide a complete assessment.  If the Department of Labor is able to fulfill the requirements of this bill using the available information, there will be no additional cost to the department.  If additional information is required in order to provide more accurate data, there would be a fiscal impact.  The ability of the department to absorb those additional costs can not be determined at this time.
	Additional costs to the Department of Economic and Community Development can be absorbed utilizing existing budgeted resources.