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123rd MAINE LEGISLATURE |
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LD 216 |
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LR 726(02) |
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An Act To
Establish a Financial Literacy Program |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Education and Cultural Affairs |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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| Legislative Cost/Study |
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2007-08 |
2008-09 |
Projections 2009-10 |
Projections 2010-11 |
| Appropriations/Allocations |
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Other Special Revenue Funds |
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$50,000 |
$50,000 |
$500 |
$500 |
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| Revenue |
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Other Special Revenue Funds |
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$0 |
$0 |
$500 |
$500 |
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| Transfers |
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Other Special Revenue Funds |
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$0 |
$0 |
$0 |
$0 |
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| Legislative
Cost/Study |
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The per diem and
expenses for the legislative member who will serve as a member of the Council
on Financial Literacy are projected to be $420 in fiscal year 2007-08 and
fiscal year 2008-09. The Legislature's
proposed budget includes $30,000 in fiscal year 2007-08 and $20,000 in fiscal
year 2008-09 for legislative costs/studies.
Whether the amounts are sufficient to fund all legislative
costs/studies will depend on the number authorized by the Legislative Council
and the Legislature. |
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| Fiscal Detail
and Notes |
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This legislation
establishes a Council on Financial Literacy and a matching grant program to
be administered by the Treasurer of State.
The Council is authorized to apply for and raise private funds to
supplement the grant program. An
allocation of $50,000 in fiscal years 2007-08 and 2008-09 is provided in the
bill to establish an account and to allow it to receive one-time funds
transferred from the unobligated balances of the Office of Consumer Credit
Regulation to fund the expenses of the financial literacy matching grant
program. |
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Transfer
to the Financial Literacy Program. Notwithstanding any
other provision of law, the State Controller shall transfer $50,000 in each
of fiscal years 2007-08 and 2008-09 from the Office of Consumer Credit
Regulation, Other Special Revenue Funds account in the Department of
Professional and Financial Regulation to the Financial Literacy Program,
Other Special Revenue Funds account in the Office of Treasurer of State. The
State Controller shall make these transfers at a time determined in
consultation with the Director of the Office of Consumer Credit and the State
Treasurer. |
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