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122nd MAINE LEGISLATURE |
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LD 1399 |
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LR 2107(01) |
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An Act
To Increase College Scholarships |
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Fiscal Note for Original Bill |
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Sponsor: Sen. Brennan of Cumberland |
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Committee: Legal and Veterans Affairs |
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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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General Fund |
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$0 |
($9,893,520) |
($10,091,340) |
($10,293,120) |
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| Appropriations/Allocations |
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General Fund |
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$0 |
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Other Special Revenue Funds |
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$0 |
($989,352) |
($1,009,134) |
($1,029,312) |
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| Revenue |
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General Fund |
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$0 |
$9,893,520 |
$10,091,340 |
$10,293,120 |
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Other Special Revenue Funds |
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$0 |
($989,352) |
($1,009,134) |
($1,029,312) |
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| Transfers |
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General Fund |
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Highway Fund |
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Federal Expenditures Fund |
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Fund for a Healthy Maine |
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Other Special Revenue Funds |
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Federal Block Grant Funds |
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Other Funds |
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| Correctional and Judicial Impact Statements |
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| Bond Issues |
Term(years) |
Principal |
Rate (%) |
Interest |
Total Cost |
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General Fund - Non-taxable |
10 |
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3.7% |
$0 |
$0 |
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| Referendum Costs |
Month/Year |
Election Type |
Question |
Length |
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Nov-05 |
General |
Referendum |
Standard |
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Jun-05 |
Special |
Initiated Bill |
Lengthy |
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The Secretary of
State's budget includes sufficient funds to accommodate one ballot of average
length for the general election in November. If the number or size of the
referendum questions increases the ballot length, an additional appropriation
of $8,000 or more may be required. A
special election would require an additional appropriation of $121,392. |
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| Fiscal Detail
and Notes |
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This
bill increases the amount of adjusted gross slot machine income that is distributed to the
General Fund, thereby increasing General Fund revenue by $9,893,520 in fiscal
year 2006-07. The summary for this
bill indicates the intent was to increase the gross slot machine income, not
adjusted gross slot machine income.
The gross slot machine income is much lower than the adjusted gross
slot machine income. The bill also
repeals the Fund to Stabilize Off-Track Betting Facilities within the
Department of Agriculture, Food and Rural Resources with the effect of
decreasing budgeted Other Special Revenue Funds revenue by $1,978,704 in
fiscal year 2006-07. Finally, the
bill increases the share of gross slot machine income collected for the
University of Maine System Scholarship Fund within the Finance Authority of
Maine by $494,676 in fiscal year 2006-07 and also increases the share of
gross slot machine income collected by the Maine Community College System by
the same amount for the same time period. |
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