130th MAINE LEGISLATURE
		LD 1885		LR 2453(05)
	An Act To Increase Maine's Veterinary Workforce
	Fiscal Note for Bill as Engrossed with: C "A" (H-963) S "A" (S-631) to C "A" (H-963)
	Committee: Innovation, Development, Economic Advancement and Business
Fiscal Note
			FY 2021-22	FY 2022-23	Projections  FY 2023-24	Projections  FY 2024-25
Net Cost (Savings)
	General Fund		$0	$220,000	$220,000	$220,000
Appropriations/Allocations
	General Fund		$0	$220,000	$220,000	$220,000
Fiscal Detail and Notes
	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 bill includes ongoing General Fund appropriations of $220,000 per year beginning in fiscal year 2022-23 to the Student Financial Assistance program to fund 3 additional loans at the higher maximum amount of $35,000. 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.