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Committee, the State Tax Assessor, the Commissioner of Education | | and the joint standing committee of the Legislature having | | jurisdiction over appropriations and financial affairs a report | | that presents the commission's findings and recommendations for | | adjustments to the economic assumptions for the current fiscal | | biennium, including any adjustments to the actual growth in | | total annual personal income for the 2 fiscal years preceding | | the current fiscal year, and the projected growth in total | | annual personal income for each fiscal year of the biennium.__ | | For purposes of this subsection, "total annual personal income" | | means the total personal income of the State's residents as | | reported by the United States Department of Commerce, Bureau of | | Economic Analysis for the fiscal year that coincides with the | | State's fiscal year. In each report the commission shall fully | | describe the methodology employed in reaching its | | recommendations. |
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| | | Sec. 5. 5 MRSA §1710-A, sub-§4 is enacted to read: |
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| | | 4.__Maximum tax growth target.__The maximum tax growth | | target for a state fiscal year is the growth in total annual | | personal income, measured as the percent of change between the | | actual total annual personal income for 2 consecutive fiscal | | years, the last of which ended on June 30th of the year | | preceding the calendar year, as that information is presented | | in the commission's report no later than February 1st pursuant | | to subsection 3. |
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| | | Sec. 6. 20-A MRSA §15617, sub-§1, ¶B, as amended by PL 1993, c. 435, | | §6, is further amended to read: |
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| | | B. A summary of anticipated revenues and estimated school | expenditures for the fiscal year; and |
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| | | Sec. 7. 20-A MRSA §15617, sub-§1, ¶C, as enacted by PL 1993, c. 435, | | §7, is amended to read: |
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| | | C. The following statement, including the estimated | | dollar amount of state retirement payments: "This budget | | does not include the estimated amount of $....... in | | employer share of teacher retirement costs that is paid | directly by the State. |
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| | | Sec. 8. 20-A MRSA §15617, sub-§1, ¶D is enacted to read: |
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| | | D.__A statement indicating the estimated impact of the | | budget document, if approved, on property tax mill rates | | for education for all classes of property within the | | municipalities that are part of the unit. |
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| | | Sec. 9. 20-A MRSA §15658-A is enacted to read: |
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