124th MAINE LEGISLATURE
		LD 1054		LR 1557(01)
	An Act To Promote Economic Development in the Greater Portland Region
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Eberle of South Portland
	Committee: Business, Research and Economic Development
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
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  nonprofit corporation with a similar mission 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.
	Resolves 2007, Chapter 224 required the Greater Portland Public Development Commission to submit a copy of the commssion's audited financial statement to the joint standing committee of the Legislature having jurisdiction over business, research and economic development matters no later than January 15, 2009.  An audit pursuant to Resolves 2007, Chapter 224 did not occur.  According to an internally prepared financial statement, the commission's total estimated uncommitted assets were $611,798 as of March 31, 2009.  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.  The exact amount will depend on the timing of the transfer.