| On or before May 15th of each year, the State Budget Officer |
shall present a final estimate of General Fund revenues for the |
current fiscal year, taking into consideration an estimate of the |
Revenue Forecasting Committee. If estimated General Fund |
revenues for the current fiscal year exceed those of the prior |
fiscal year by 8% or more, on a base-to-base comparison excluding |
one-time revenue gains and losses, revenue in an amount |
equivalent to that generated by 0.5% of the tax on the sale of |
personal property and taxable services taxed at a rate of 6% on |
the effective date of this paragraph must be transferred by the |
State Controller to the Maine Rainy Day Fund as described in this |
section if the program for general purpose aid for local schools, |
referred to in this section as "GPA," provides in excess of 51% |
of the State's kindergarten, elementary and secondary school |
actual operating and program costs and debt service. If the GPA |
provides 51% or less of the State's kindergarten, elementary and |
secondary school actual operating and program costs and debt |
service, revenue in an amount equivalent to that generated by |
0.5% of the tax on the sale of personal property and taxable |
services taxed at a rate of 6% on the effective date of this |
paragraph must be transferred by the State Controller to the GPA |
with the exception of funds previously dedicated to municipal |
revenue sharing. |