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130th MAINE LEGISLATURE |
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LD 1885 |
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LR 2453(02) |
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An Act To
Increase Maine's Veterinary Workforce |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note Required: Yes |
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Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
Net Cost
(Savings) |
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General Fund |
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$0 |
$920,000 |
$920,000 |
$920,000 |
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Appropriations/Allocations |
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General Fund |
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$0 |
$920,000 |
$920,000 |
$920,000 |
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Fiscal Detail
and Notes |
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Current law
requires the Finance Authority of Maine (FAME) to award 2 new loans per year
up to an aggregate of 8 loans to students eligible for the Maine Veterinary
Medicine Loan Program at a maximum amount of $25,000 each per year. FAME
allocates $200,000 each year from the annual General Fund appropriations it
receives for the Student Financial Assistance program for these loans. This
bill increases the number of loans that may be awarded each year from 2 to 8
and the number of aggregate loans that may be outstanding at any one time
from 8 to 32. It also increases the maximum loan amount per year from $25,000
to $35,000. The total cost to fund 8 loans per year at $35,000 per loan for a
4-year period is $1,120,000. This bill includes ongoing General Fund
appropriations of $920,000 per year beginning in fiscal year 2022-23 to the
Student Financial Assistance program to fund the additional 6 loans at the
higher maximum amount. It should be noted that the additional annual
appropriations represent funding to FAME of the full 4-year commitment to
each loan and not the amount needed for each loan for just a single
year. |
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