123rd MAINE LEGISLATURE
		LD 253		LR 732(01)
	An Act To Implement the Recommendations of the Joint Select Committee on Research, Economic Development and the Innovation Economy
	Fiscal Note for Original Bill
	Sponsor: Sen. Bromley of Cumberland
	Committee: Business, Research and Economic Development
	Fiscal Note Required: Yes
Fiscal Note
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		$7,500	$7,500	$7,500	$7,500
Appropriations/Allocations
	General Fund		$7,500	$7,500	$7,500	$7,500
Fiscal Detail and Notes
	The Maine Development Foundation will require ongoing General Fund appropriations of $7,500 per year beginning in fiscal year 2007-08 for the staffing and materials cost associated with the Maine Economic Growth Council reviewing the innovation economy action plan and developing the research and development budget recommendation.
	The additional costs associated with setting certain recommendation levels for research and development for the Governor's budget to the Legislature can be absorbed by the Executive Department utilizing existing budgeted resources.  Based on the Revenue Forecasting Commission's March 2007 General Fund revenue projection for fiscal year 2008-09, 1% of total actual General Fund revenue is approximately $31.4 million dollars.
	Additional costs to the Department of Economic and Community Development associated with staffing the Maine Innovation Economy Advisory Board and submitting the required progress report can be absorbed within existing budgeted resources.