LD 1
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LR 328
Item 1

 
3.__Baseline General Fund revenue. "Baseline General Fund
revenue" means the recommended General Fund revenue forecast

 
reported by the Revenue Forecasting Committee in its December 1st
report of even-numbered years, increased by the estimated amount
of net General Fund revenue decrease, if any, for all enacted
changes reduci state and local tax burden included in that
forecast.

 
4. Biennial base year appropriation.__"Biennial base year
appropriation" means:

 
A.__For the 2006-2007 biennium, the General Fund
appropriation enacted for fiscal year 2004-05 as of December
1, 2004; and

 
B.__For subsequent fiscal years,__the amount of the General
Fund appropriation limitation for the current year as of
December 1st of even-numbered years.

 
5.__Commissioner.__"Commissioner" means the Commissioner of
Administrative and Financial Services.

 
6.__Forecasted inflation.__"Forecasted inflation" means the
average amount of change of the Consumer Price Index for the
calendar years that are part of the ensuing biennium forecasted
by the Consensus Economic Forecasting Commission in its November
1st report of even-numbered years.

 
7. General Fund revenue shortfall.__"General Fund revenue
shortfall" means the amount by which the General Fund
appropriation limitation established by section 1534 exceeds
baseline General Fund revenue and other available resources in
each state fiscal year.

 
8.__Stabilization fund.__"Stabilization fund" means the Maine
Budget Stabilization Fund established in this chapter.

 
9.__State and local tax burden.__"State and local tax burden"
means the total amount of state and local taxes paid by Maine
residents, per $1,000 of income, as determined annually by the
State Tax Assessor based on data from the United States
Department of Commerce, Bureau of Census and Bureau of Economic
Analysis.

 
1532.__Maine Budget Stabilization Fund

 
1.__Generally; stabilization fund established. The Maine
Budget Stabilization Fund is hereby established.__Amounts in the
stabilization fund may not exceed 12% of total General Fund
revenues in the immediately preceding state fiscal year and,


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