121st Maine Legislature
		Office of Fiscal and Program Review
		LD 993
		An Act to Promote Economic Growth by Retaining Engineers in Maine
		LR 1189(02)
		Fiscal Note for Bill as Amended by Committee Amendment " "
		Committee: Business, Research and Economic Development
		Fiscal Note Required: Yes
Fiscal Note
Future biennium cost increase - General Fund
Fiscal Detail and Notes
	This bill establishes the Maine Engineers Recruitment and Retention Program Fund as a nonlapsing fund administered by the Finance Authority of Maine.  The Fund is authorized to receive money from gifts, grants, bequests, loans and donations in addition to money appropriated or allocated by the State.  It is not clear whether monies generated from these sources of funds will be sufficient to support the program.  The estimated amount of funds needed to repay the loans in the first year, which is expected to be fiscal year 2007-08, is $25,000, excluding administrative costs.  That amount will increase by an additional $25,000 per year until it reaches the maximum amount needed in the fourth year of the program of $100,000.
	In addition, the Finance Authority of Maine will require a General Fund appropriation to establish and administer the program of $28,000 in fiscal year 2006-07 and $3,000 per year beginning in fiscal year 2007-08 for on-going administrative costs.  These costs may be partially offset by interest earnings of the fund which may be used for administrative purposes.  The amount of interest income that will be generated is not expected to be significant.  Any additional cost to the University of Maine System  to serve on the advisory committee can be absorbed by the University utilizing existing budgeted resources.