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.