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Page 1 of 70 An Act To Increase the State Share of Education Costs, Reduce Property Taxes an... Page 3 of 70
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LR 328
Item 1

 
1531.__Definitions

 
As used in this chapter, unless the context otherwise
indicates, the following terms have the following meanings.

 
1. Adjusted General Fund appropriation. "Adjusted General Fund
appropriation" means the General Fund appropriation for a given
fiscal year plus any non-General Fund allocation for that fiscal
year that will require a General Fund appropriation in upcoming
fiscal years.

 
2.__Baseline General Fund revenue. "Baseline General Fund
revenue" means the recommended General Fund revenue forecast
reported by the Revenue Forecasting Committee in its December 1st
report, increased by the estimated amount of net tax reductions
enacted in either the previous or current Legislature.__The
estimated amount of net tax reductions is based on the estimates
of the Office of Fiscal and Program Review

 
3.__Commissioner.__"Commissioner" means the Commissioner of
Administrative and Financial Services.

 
4. General Fund revenue shortfall.__"General Fund revenue
shortfall" means the amount by which the General Fund
appropriation limitation established by section 1534 exceeds
baseline General Fund revenues and other available resources in
each state fiscal year of the current fiscal biennium and the
next fiscal biennium, as recommended and authorized by the
Revenue Forecasting Committee in its December 1st report.

 
5.__Stabilization fund.__"Stabilization fund" means the Maine
Budget Stabilization Fund established in this chapter.

 
1532.__Maine Budget Stabilization Fund

 
1.__Generally; Stabilization Fund established. The Maine
Budget Stabilization Fund is hereby established.__Amounts in the
stabilization fund may not exceed 12% of total General Fund
revenues in the immediately preceding state fiscal year and,
except as provided by section 1533, may not be reduced below 1%
of the total General Fund revenues in the immediately preceding
state fiscal year.

 
2. Expenditures from fund.__Amounts in the stabilization fund
may be expended only to offset a General Fund revenue shortfall.


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