121st Maine Legislature
		Office of Fiscal and Program Review
		LD 509
		RESOLUTION, Proposing an Amendment to the Constitution of Maine To Provide That the State Fund 100 Percent of Education for Students from Kindergarten to Postsecondary School
		LR0558(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Goodwin of Pembroke
		Committee:  Appropriations and Financial Affairs
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings):
	General Fund		$0	$1,384,586,618	$1,460,581,023	$1,540,958,073
Appropriations/Allocations
	General Fund		$0	$1,384,586,618	$1,460,581,023	$1,540,958,073
Referendum Costs		Month/Year	Election Type	Question Type	Question Length
		Nov-03	General	Referendum	Standard
	The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general election in November. If the number or size of the referendum questions increases the ballot length, an additional appropriation of $8,000 or more may be required.
Fiscal Detail and Notes
	The General Purpose Aid for Local Schools will require a General Fund appropriation of $1,182,278,268 in fiscal year 2004-05 to fully fund K-12 public education.  The higher educational institutions will require additional General Fund appropriations of $202,308,350 in fiscal year 2004-05 to fully fund postsecondary education, with the University of Maine System receiving $185,960,625, the Maine Technical College System receiving $11,556,875 and the Maine Maritime Academy receiving $4,790,850.  The additional cost associated with the State fully funding public education through postsecondary school was calculated based on the assumption that the cost of K-12 education grows at an annual rate of 6% per year and the cost of postsecondary education grows at a rate of 2.5% per year.  The total cost to the State may be higher or lower depending on actual experience.