121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1384
		An Act to Provide Student Loan Forgiveness to Maine Employees
		LR 0572(01)
		Fiscal Note for Original Bill
		Sponsor: Rep. Strimling of Cumberland
		Committee: Education and Cultural Affairs
		Fiscal Note Required: Yes
Fiscal Note
Undetermined current biennium cost increase - General Fund
Fiscal Detail and Notes
	This bill establishes the Workforce for Maine Fund as a nonlapsing, interest-earning revolving fund administered by the Finance Authority of Maine.  The Fund is authorized to receive money from gifts, grants, bequests, loans and donations in addition to money appropriated or allocated by the State.  However, it is not clear whether there are funds available from these sources to capitalize the fund or to provide on-going support for the program. In addition, the Finance Authority of Maine will require a General Fund appropriation to establish and administer the program of $28,000 in fiscal year 2003-04 and $6,000 per year beginning in fiscal year 2004-05 for on-going administrative costs.  These costs may be partially offset by interest earnings of the fund which may be used for administrative purposes.  The amount of interest income that will be generated can not be determined at this time.