123rd MAINE LEGISLATURE
		LD 1064		LR 5(01)
	An Act To Increase Funding To Support Research and Development in the University of Maine System
	Fiscal Note for Original Bill
	Sponsor: Rep. Faircloth of Bangor
	Committee: Business, Research and Economic Development
	Fiscal Note Required: Yes
Fiscal Note
Potential current biennium cost increase - General Fund
Fiscal Detail and Notes
	The Maine Economic Improvement Fund within the University of Maine System will require additional General Fund appropriations beginning in fiscal year 2008-09 in order to reach the required funding level.  The amounts can not be determined at this time and will depend on the actual General Fund revenue  received in fiscal year 2007-08 and each fiscal year thereafter until the funding level for the program reaches 3% of General Fund revenues, anticipated to be in fiscal year 2018-19.  However, based of the December 2006 revenue projections developed by the Consensus Economic Forecasting Commission, the estimated General Fund appropriation that would be required for fiscal year 2008-09 is approximately $15.6 million.  The estimated General Fund appropriation that would be required for the 2010-2011 biennium is projected to be $7.2 million in fiscal year 2009-10 and $7.8 million in fiscal year 2010-11.