131st MAINE LEGISLATURE
		LD 1860		LR 835(02)
	An Act to Create the Educational Opportunity Account Program
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Education and Cultural Affairs
	Fiscal Note Required: Yes
Fiscal Note
			FY 2023-24	FY 2024-25	Projections  FY 2025-26	Projections  FY 2026-27
Net Cost (Savings)
	General Fund		$325,524	$357,191	$360,731	$364,398
Appropriations/Allocations
	General Fund		$325,524	$357,191	$360,731	$364,398
Fiscal Detail and Notes
	This bill establishes the Educational Opportunity Account Program within the Department of Education to create accounts for participating students that may be used by a parent or legal guardian of a participating student to pay for certain education expenses, including expenses paid to education service providers.  The bill requires the department to deposit an amount equal to the average amount spent by the State on a public school student per year into a participating students account.  Using statewide average tuition rates in scal year 2022-23, the amount to be deposited per participating student is $10,878 for elementary school students and $12,589 for secondary school students. The cost to the General Fund, which is expected to be substantial, is not reflected in this fiscal note and will depend on the number of students that participate in the program each year and the average amount spent by the State on each student in a school year.
	This bill includes ongoing General Fund appropriations totaling $325,524 in fiscal year 2023-24 and $357,191 in fiscal year 2024-25 to a newly created Educational Opportunity Account Program within the Department of Education for the costs associated with administering the program.  Of that amount, $75,524 in fiscal year 2023-24 and $107,191 in fiscal year 2024-25 will be required for one Management Analyst II position and related All Other costs to administer the program.  Additionally, $250,000 per year beginning in fiscal year 2023-24 will be required for the cost of contracting with a vendor to develop and implement a system for allowing payments to and withdrawals from an educational opportunity account.