123rd MAINE LEGISLATURE
		LD 2186		LR 3432(01)
	An Act Regarding the Operations of the Greater Portland Public Development Commission
	Fiscal Note for Original Bill
	Sponsor: Speaker Cummings of Portland
	Committee: Business, Research and Economic Development
	Fiscal Note Required: Yes
Fiscal Note
Potential current biennium revenue decrease - General Fund
Fiscal Detail and Notes
	This legislation authorizes the transfer of the Greater Portland Public Development Commission's remaining funds and assets to a Maine nonprofit corporation upon termination of its operations.  Current law requires that when the Commission terminates its operations and all assets are liquidated it must pay the Maine Public Employees Retirement System for any amounts owed for retirement benefits for its employees and then turn over any remaining amount to the General Fund.  The Maine Public Employees Retirement System has indicated nothing is owed by the Commission.  Current assets of the Commission were $641,039 as of December 31, 2007.  Allowing the Commission to transfer its assets to a Maine nonprofit corporation instead of to the General Fund will result in a loss of undedicated revenue to the General Fund.