| 122nd MAINE LEGISLATURE | |||||||||
| LD 1 | LR 0328(29) | ||||||||
| An Act to Increase the State Share of Education Costs, Reduce Property Taxes and Reduce Government Spending at All Levels | |||||||||
| Fiscal Note for Senate Amendment " " to Committee Amendment "A" | |||||||||
| Sponsor: Sen. Nass | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | ($13,044,353) | $853,168 | ($13,650,429) | ($19,990,274) | |||||
| Appropriations/Allocations | |||||||||
| General Fund | ($13,529,671) | ($443,524) | ($14,932,676) | ($21,278,107) | |||||
| Other Special Revenue Funds | ($6,962,382) | ($6,194,152) | ($14,552,541) | ($20,730,626) | |||||
| Revenue | |||||||||
| General Fund | ($485,318) | ($1,296,692) | ($1,282,247) | ($1,287,833) | |||||
| Other Special Revenue Funds | ($26,620) | ($71,126) | ($70,334) | ($70,640) | |||||
| Fiscal Detail and Notes | |||||||||
| This amendment decreases the cost of the bill by $13,044,353 in fiscal year 2005-06 and increases the cost of the bill by $853,168 in fiscal year 2006-07. This amendment also replaces the spending and tax levy limitations with different spending and tax limitations. The limitations on state expenditures apply to all state funds, including the Highway Fund and various dedicated funds. General Fund reserve funds are also changed and a new Highway Budget Stabilization Fund is created. Revenues in excess of the limitations are reserved and processes are established to return these excess revenues to taxpayers. The Legislature may spend available excess revenue and increase revenue by certain voting requirements. The net impact of these limitations on state appropriations and allocations during the 2006-2007 biennium can not be determined at this time. | |||||||||
| Projections | Projections | ||||||||
| General Fund Detail Cost/(Savings) | 2005-06 | 2006-07 | 2007-08 | 2008-09 | |||||
| GPA | ($6,463,417) | $5,963,417 | $0 | $0 | |||||
| Efficient Delivery of Educational Services | ($6,962,382) | ($6,194,152) | ($14,552,541) | ($20,730,626) | |||||
| State Planning - Net change | ($50,000) | ($50,000) | ($50,000) | ($50,000) | |||||
| Maine Revenue Services - Net Change | $0 | $0 | $0 | $0 | |||||
| Homestead - Net change | ($53,872) | ($162,789) | ($330,135) | ($497,481) | |||||
| Circuit Breaker - Net change | $0 | $838,328 | $812,204 | $807,037 | |||||
| Individual Income Tax - Net change | $485,318 | $458,364 | $470,043 | $480,796 | |||||
| ($13,044,353) | $853,168 | ($13,650,429) | ($19,990,274) | ||||||