LD 18 LR 311(01)
An Act To Fund Public Education for Kindergarten to Grade 12 at 55%
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Campbell of Newfield
Committee: Education and Cultural Affairs
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Potential current biennium cost increase - General Fund
Fiscal Detail and Notes
Current law (Title 20-A, 15671, sub-7-C) provides that the annual target for the state share percentage of the total cost of funding public education from kindergarten to grade 12 including the cost of the components of essential programs and services plus the state contributions to teacher retirement, retired teachers' health insurance and retired teachers' life insurance is 55% for fiscal year 2013-14 and succeeding years. This preliminary fiscal impact statement assumes that sufficient funding for the General Purpose Aid for Local Schools program will be provided to meet the statutory requirement of the State funding 55% of the total cost of K-12 public education pursuant to Title 20-A, 15671, sub-7-C beginning in fiscal year 2013-14, thus no additional General Fund appropriations will be required to fund the requirements of this legislation.
However, the Governor's proposed budget for the 2014-2015 biennium includes changes and proposals which may affect the General Purpose Aid for Local Schools program and the use of revenues from the State's share of income from the Oxford Casino to support a portion of the total cost of this legislation. The estimate of the fiscal impact in this bill may need to be adjusted based on final legislative actions on the biennial budget.