Sec. MMM-1. 5 MRSA §13063-O is enacted to read:
§13063-O. Microenterprise initiative fund program review
1. Accounting, evaluation and reporting requirements. The department shall:
A. Maintain an accurate accounting of the use of all program funds as required by state procedures and program guidelines, including a detailed accounting of all program funding sources and expenditures;
B. Undertake an ongoing process to evaluate the impact of the projects undertaken with program funds. The evaluation process must include benchmarks and criteria to evaluate the success of the fund. The benchmarks and criteria must be designed by the department to provide the following:
(1) An assessment of the direct and indirect economic impact of the funded projects; and
(2) An assessment of the contribution of the fund to the creation of new entrepreneurial opportunities; and
C. Each year, submit a report to the joint standing committee of the Legislature having jurisdic-tion over business research and economic development matters. The report must include:
(1) An accounting of the use of all program funds received and expended since the program's inception;
(2) A summary of the status of any approved projects;
(3) A summary of the results of any completed projects;
(4) Evaluation data and assessment; and
(5) Other information required to be submitted and evaluated by the joint standing committee of the Legislature having jurisdiction over business research and economic development matters.
2. Report. The department shall report no later than January 15th of each year.
3. Rulemaking. The department shall adopt major substantive rules pursuant to chapter 375, subchapter 2-A to implement this section.
Sec. MMM-2. Appropriations and allocations. The following appropriations and allocations are made.
ECONOMIC AND COMMUNITY
DEVELOPMENT,
DEPARTMENT OF
Maine Microenterprise Initiative
Fund 0447
Initiative: Provides for the appropriation of funds for grants to community-based organizations.
General Fund 2003-04 2004-05
All Other $850,000 $0
__________ __________
General Fund Total $850,000 $0
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