| 123rd MAINE LEGISLATURE | ||||||
| LD 2159 | LR 3320(02) | |||||
| An Act To Advance the Maine Economy | ||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | ||||||
| Committee: Business, Research and Economic Development | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Appropriations/Allocations | ||||||
| Other Special Revenue Funds | $0 | $645,941 | $1,340,096 | $2,137,546 | ||
| Transfers | ||||||
| Other Special Revenue Funds | $0 | $0 | $0 | $0 | ||
| Fiscal Detail and Notes | ||||||
| This legislation transfers 35% of funds within the Renewable Resources Fund of the Public Utilities Commission to the Maine Technology Institute. The Renewable Resources Fund consists of two funding sources. The first source is voluntary contributions made by electric customers through a check-off on electric bills. Approximately $100,000 per year comes from these contributions resulting in 35% or $35,000 to be transferred annually to the Maine Technology Institute. | ||||||
| The second source of revenue is from an alternative compliance payment mechanism created by the Legislature to fund renewable energy technologies. The Public Utilities Commission will be collecting alternative compliance payments made by competitive electricity providers. The Public Utilities Commission projects revenue of $1,744,118 in fiscal year 2008-09, $3,727,417 in fiscal year 2009-10 and $6,005,845 in fiscal year 2010-11 based on 1/3 of all load requirements being met by the alternative compliance payment mechanism. Using this 1/3 compliance estimate, 35% or $610,441 will be transferred to the Maine Technology Institute in fiscal year 2008-09, $1,304,596 in fiscal year 2009-10 and $2,102,046 in fiscal year 2010-11. | ||||||
| This bill includes an Other Special Revenue Funds allocation of $645,441 in fiscal year 2008-09 to the Renewable Energy Resources Fund established within the Department of Economic and Community Development for funds transferred from the Renewable Resource Fund within the Public Utilities Commission to the Maine Technology Institute to support the development and commercialization of renewable energy technologies. | ||||||
| This bill also includes a base allocation of $500 in fiscal year 2008-09 in the event that outside funds are received to support the leadership and entrepreneurial development program within the Office of Innovation. | ||||||