123rd MAINE LEGISLATURE
		LD 216		LR 726(01)
	An Act To Establish a Financial Literacy Program
	Fiscal Note for Original Bill
	Sponsor: Rep. Canavan of Waterville
	Committee: Education and Cultural Affairs
	Fiscal Note Required: Yes
Fiscal Note
Potential unbudgeted revenue decrease - General Fund
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Appropriations/Allocations
	Other Special Revenue Funds		$500	$500	$0	$0
Revenue
	Other Special Revenue Funds		$500	$500	$0	$0
Fiscal Detail and Notes
	This legislation establishes a financial literacy program to be administered by the Treasurer of State using excess funds from the Unclaimed Property Fund.  Excess funds occur when revenues collected in the Unclaimed Property Fund are greater than the amounts budgeted to be transferred to the General Fund at the end of each fical year.  Committing these unbudgeted revenues to the new program will ultimately reduce General Fund Revenue by as much as $100,000 annually.  However, because the reduced revenue is not in baseline revenue, no loss will be scored by passage of this bill.  A base allocation of $500 in fiscal years 2007-08 and 2008-09 is provided in the bill to establish the account and to allow it to receive revenues to fund the expenses of the program.