| 122nd MAINE LEGISLATURE | |||||||||
| LD 399 | LR 0477(02) | ||||||||
| An Act To Recruit and Retain College Graduates through Loan Repayment | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| Committee: Business, Research and Economic Development | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | |||||
| Fiscal Detail and Notes | |||||||||
| This bill includes ongoing General Fund appropriations of $1,000,000 per year, beginning in fiscal year 2005-06, for the Future for Youth in Maine Loan Repayment Program to be established and administered by the Finance Authority of Maine. | |||||||||
| The Finance Authority of Maine estimates the cost to administer the program to be $28,200 in fiscal year 2005-06 and $5,500 in fiscal year 2006-07. The costs in fiscal year 2005-06 include $22,700 in one-time expenses related to establishing the program, rulemaking, preparation of notices and related mailing and marketing of the program. The Authority estimates the on-going costs associated with administering the program to be $5,500 per year beginning in fiscal year 2005-06. Since this legislation allows for the administrative costs to be paid for out of the Future for Youth in Maine Loan Repayment Program revolving fund, no additional General Fund appropriations will be required. | |||||||||
| Any additional costs to the Department of Labor and the Department of Economic and Community Development can be absorbed utilizing existing budgeted resources. | |||||||||