LD 1387 LR 1345(01)
An Act To Strengthen Maine's Financial Future in Perpetuity
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Perry of Penobscot
Committee: Appropriations and Financial Affairs
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Current biennium revenue decrease - General Fund
Future biennium revenue increase - General Fund
Fiscal Detail and Notes
This bill requires the Legislature to appropriate 5% of General Fund revenue, $142,794,161 in fiscal year 2009-10 and $144,868,732 in fiscal year 2010-11, to the Irrevocable Budget Trust Fund.  It also requires 5% of fund earnings from the previous fiscal year, $356,985 in fiscal year 2010-11, be transferred back to the General Fund.  Eventually, over a number of years, the balance of the fund will grow to the point where the revenue generated from the fund to be returned to the General Fund will exceed the amount of the appropriation to the fund.  From that point forward, the General Fund will receive more than it contributes.  No estimate is made at this time of when the breakeven point will occur.
The additional costs to the Treasurer of State associated with serving as a trustee for the Irrevocable Budget Trust Fund can be absorbed within existing budgeted resources. 
Additional costs to the Maine Public Employees Retirement System to administer a portion of the trust fund can be absorbed within existing budgeted resources.