123rd MAINE LEGISLATURE

LD 269

LR 316(01)

An Act To Retire the Mortgage of York County Community College

Fiscal Note for Original Bill

Sponsor: Rep. Beaudette of Biddeford

Committee: Appropriations and Financial Affairs

Fiscal Note Required: Yes

Fiscal Note

2007-08

2008-09

Projections 2009-10

Projections 2010-11

Net Cost (Savings)

General Fund

$3,310,633

($400,000)

($400,000)

($400,000)

Appropriations/Allocations

General Fund

$3,310,633

($400,000)

($400,000)

($400,000)

Fiscal Detail and Notes

This bill includes a one-time General Fund appropriation of $3,710,633 in fiscal year 2007-08 for the Maine Community College System to retire the mortgage of the York County Community College as of October 1, 2007.  This bill also includes ongoing General Fund deappropriations of $400,000 per year beginning in fiscal year 2007-08 as part of a larger ongoing General Fund appropriation provided to the Maine Community College System in Private and Special Law 2005, chapter 69 for general operating expenses. Of the $1,600,000 appropriated in P&S 2005, c. 69, $400,000 was provided to cover the mortgage fee that would otherwise be paid by York County Community College students.  These funds will no longer be needed once the mortgage is retired.