An Act Related to the Report of the Tax Expenditure Review Task Force

Sec. 1. PL 2013, c. 368, Pt. S, §8 is repealed.

Sec. 2. PL 2013, c. 368, Pt. S, §9 is amended to read:

Sec. S-9. Fiscal year 2013-14 year-end unappropriated surplus, 4th priority transfer. The State Controller shall at the close of the fiscal year ending June 30, 2014, as the next priority after the transfers authorized pursuant to the Maine Revised Statutes, Title 5, sections 1507, 1511 and 1522 and after all required deductions of appropriations, budgeted financial commitments and adjustments considered necessary by the State Controller have been made, transfer from the available balance of the unappropriated surplus of the General Fund up to $40,000,000 $21,000,000 to the Local Government Fund by offsetting the amount of the reduction in that fund on a monthly basis pursuant to the Maine Revised Statutes, Title 30-A, section 5681, subsection 5-C Maine Budget Stabilization Fund established in the Maine Revised Statutes, Title 5, section 1532.

Sec. 3. State Controller; post-closing. The State Controller is authorized to keep open the official system of general accounts of State Government for fiscal year 2013-14 in order to make post-closing entries and adjustments to carry out the provisions of this Act.

Sec. 4. Transfer from tax relief fund. The State Controller shall transfer $4,000,000 from the Tax Relief Fund for Maine Residents established in the Maine Revised Statutes, Title 5, section 1518-A to the unappropriated surplus of the General Fund no later June 30, 2015.

Sec. 5. Transfer from budget stabilization fund. The State Controller shall transfer $21,000,000 from the Maine Budget Stabilization Fund established in the Maine Revised Statutes, Title 5, section 1532 to the unappropriated surplus of the General Fund no later than June 30, 2015.

SUMMARY

This bill repeals the provision in Part S of the biennial budget bill, Public Law 2013, chapter 368, that reduced the transfers to so-called municipal revenue sharing by $40,000,000 in fiscal year 2014-15 if legislation is not enacted by July 1, 2014 pursuant to Part S that generates an increase of $40,000,000 in budgeted General Fund revenue.

This bill replaces the fiscal year 2013-14 year-end transfer from the General Fund unappropriated surplus to the Local Government Fund of up to $40,000,000 with a transfer to the Maine Budget Stabilization Fund of up to $21,000,000. The State Controller is authorized to make post-closing entries and adjustments to effect this change.

It also transfers $4,000,000 from the Tax Relief Fund for Maine Residents and $21,000,000 from the Maine Budget Stabilization Fund to the unappropriated surplus of the General Fund by the end of fiscal year 2014-15.