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122nd MAINE LEGISLATURE |
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LD 492 |
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LR 1500(01) |
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An Act
To Create a Special Higher Education License Plate |
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Fiscal Note for Original Bill |
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Sponsor: Rep. Rector of Thomaston |
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Committee: Transportation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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Projections |
Projections |
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2005-06 |
2006-07 |
2007-08 |
2008-09 |
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| Net Cost
(Savings) |
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Highway Fund |
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$26,211 |
($12,500) |
($11,000) |
($11,000) |
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| Appropriations/Allocations |
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Highway Fund |
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$46,211 |
$0 |
$0 |
$0 |
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Other Special Revenue Funds |
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$20,000 |
$20,000 |
$17,000 |
$17,000 |
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| Revenue |
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Highway Fund |
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Other Special Revenue Funds |
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$40,000 |
$32,500 |
$28,000 |
$28,000 |
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| Transfers |
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Highway Fund |
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$20,000 |
$12,500 |
$11,000 |
$11,000 |
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Other Special Revenue Funds |
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($20,000) |
($12,500) |
($11,000) |
($11,000) |
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| Fiscal Detail
and Notes |
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The
authorization of specialty motor vehicle registration plates for higher
education will require a one-time Highway Fund allocation of $46,211 in
fiscal year 2005-06 for the Bureau of Motor Vehicles within the Department of
the Secretary of State. This
allocation is based on the assumption that 2,000 plates will be issued and
reflects the production costs for that number of plates. The allocation may need future adjustment
if the number of plates that are actually issued varies significantly from
2,000. |
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Based
on the assumption of 2,000 plates issued , the bureau will be collecting
$40,000 in Other Special Revenue Funds in fiscal year 2005-06; $20,000 of
that amount will be deposited into the Maine State Grant Program which will
need a corresponding Other Special Revenue Funds allocation. The remaining $20,000 will be deposited
into the Specialty License Plate Fund whereupon it will be transferred to the
Highway Fund. In fiscal year 2006-07,
the Maine State Grant Program will have estimated revenue and expenditures of
$20,000 and the Specialty License Plate Fund will have estimated revenue of
$12,500 with subsequent transfers of that amount to the Highway Fund. |
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