122nd MAINE LEGISLATURE
LD 2096 LR 3257(01)
Resolve, To Reduce State Valuation as a Result of the Closure of Georgia-Pacific Facilities
Fiscal Note for Original Bill
Sponsor: Sen. Schneider of Penobscot
Committee: Taxation
Fiscal Note Required: Yes
   
             
Fiscal Note
No net fiscal impact - General Fund
Fiscal Detail and Notes
Reducing the state valuation for Old Town will increase the amount of money Old Town receives through the State Municipal Revenue Sharing program and decrease by a like amount the distribution to other municipalities.  The specific amounts can not be determined at this time.
The Department of Education has estimated that, based on the 2005 State Valuation, this legislation may increase the amount of General Purpose Aid for Local Schools subsidy that Old Town receives by between $532,000 and $1,064,000 in fiscal year 2006-07.  Since this legislation requires the Department of Education to fund the increase through savings that may occur in the General Purpose Aid for Local Schools program in fiscal year 2006-07 or as an audit adjustment in the program in fiscal year 2007-08, no additional General Fund appropriation is required.  However, if an audit adjustment is required in fiscal year 2007-08 for the FY 2006-07 subsidy, it will reduce the amount of subsidy available for distribution to all other local school units in the State.  The impact to each individual school unit can not be determined at this time.