123rd MAINE LEGISLATURE
		LD 1163		LR 2090(02)
	An Act To Implement the Recommendations of the Office of Program Evaluation and Government Accountability Regarding Economic Development in Maine
	Fiscal Note for Bill as Amended by Committee Amendment "     "
	Committee: Business, Research and Economic Development
	Fiscal Note Required: Yes
Fiscal Note
Legislative Cost/Study
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		$50,000	$0	$0	$0
Appropriations/Allocations
	General Fund		$50,000	$0	$0	$0
	Other Special Revenue Funds		$150,000	$150,000	$150,000	$150,000
Revenue
	Other Special Revenue Funds		$150,000	$150,000	$150,000	$150,000
Legislative Cost/Study
	The general operating expenses of the Joint Standing Committee on Business, Research and Economic Development to fulfill certain responsibilities are projected to be $6,500 in fiscal year 2007-08.  The Legislature's proposed budget includes $30,000 in fiscal year 2007-08 for legislative studies.  Whether the amount is sufficient to fund all studies will depend on the number of studies authorized by the Legislative Council and the Legislature.
Fiscal Detail and Notes
	This bill includes a one-time General Fund appropriation of $50,000 in fiscal year 2007-08 for the Maine Development Foundation to compile and print a map of all existing economic development activities that fit within the State's criteria for economic development.
	This bill also includes ongoing Other Special Revenue Funds allocations of $150,000 per year beginning in fiscal year 2007-08 for the Maine Economic Development Evaluation Fund established within the Department of Economic and Community Development to support the costs of an annual evaluation of state investments in economic development.  The source of funding for the Evaluation Fund is an annual assessment of up to 0.08% to agencies who receive $250,000 or more in General Fund appropriations in any fiscal year or entities who receive a general obligation bond issue of $250,000 in any given fiscal year for economic development efforts.  Total payments are capped at $150,000 per year.  This annual assessment will reduce the amount of funding for economic development to those agencies and entities assessed each year.  The impact to the individual agencies or entities can not be determined at this time.
	Additional costs to the Department of Economic and Community Development associated with developing the required proposal and portfolio can be absorbed within existing budgeted resources.