LD 24 LR 294(02)
An Act To Create a Public State Bank
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Insurance and Financial Services
Fiscal Note Required: Yes
Fiscal Note
FY 2015-16 FY 2016-17 Projections  FY 2017-18 Projections  FY 2018-19
Net Cost (Savings)
General Fund $32,000 $0 $0 $0
General Fund $32,000 $0 $0 $0
Other Special Revenue Funds $0 $0 $111,845 $114,189
Other Special Revenue Funds $0 $0 $111,845 $114,189
Fiscal Detail and Notes
This bill includes a one-time General Fund appropriation of $32,000 in fiscal year 2015-16 to the Finance Authority of Maine for the costs associated with researching and developing the required recommendations and statutory language and preparing the required report.
This bill would require an Other Special Revenue Funds allocation of $111,845 in fiscal year 2017-18 and of $114,189 in fiscal year 2018-19 to the Department of Professional and Financial Regulation to hire and outfit one additional Senior Bank Examiner to manage the increased workload.
Additional costs to the Office of the Treasurer of State and the Department of Administrative and Financial Services to make recommendations for implementation and report the results can be absorbed within existing budgeted resources. Any subsequent fiscal impact to these agencies will be reflected in the fiscal note for the legislation authorized to be reported out to the Second Regular Session of the 127th Legislature based on the report recommendations.