126th MAINE LEGISLATURE
LD 962 LR 1223(02)
An Act To Increase Access to Higher Education
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Education and Cultural Affairs
Fiscal Note Required: Yes
             
Fiscal Note
Current biennium cost increase - General Fund
Fiscal Detail and Notes
This bill establishes the Maine Merit Scholarship Program with a nonlapsing fund under the jurisdiction and control of the Finance Authority of Maine.  Because this legislation does not identify a source of funding to capitalize and support the fund and establish and administer the program, General Fund appropriations will be required beginning in fiscal year 2013-14.  The Finance Authority of Maine will require General Fund appropriations of $50,000 in fiscal year 2013-14 and $38,000 per year beginning in fiscal year 2014-15 to establish and administer the program.