LD 1266 LR 1075(01)
An Act To Expand and Improve State-approved School Construction Projects
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Stearns of Guilford
Committee: Education and Cultural Affairs
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Current biennium cost increase - Local school administrative units
Fiscal Detail and Notes
Requiring local school administrative units (SAU's) to contribute the same local share percentage to the cost of a state approved school construction project as defined in Title 20-A, 15901, sub-4 as it does to its total cost of education may increase the amount of funding that SAU's must contribute toward that construction project. The impact to individual (SAU's) will depend on the costs local SAU's would be responsible for absent this legislation and the SAU's required local contribution at the time of the initial fiscal year specified in the SAU's debt retirement schedule.
Requiring a local SAU to deposit 2% of the total current value of the school administrative unit facility under certain conditions into a reserve account to finance capital improvement or capital equipment for a state-approved school construction project approved on or after July 1, 2016 may result in less money being available to support other expenses of the SAU. The impact to individual SAU's will depend on actual experience.