Maine Revised Statutes Title 5 Sec. 1531 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2005, c. 2, Pt. A, §5 (NEW); PL 2005, c. 2, Pt. A, §14 (AFF).]
1. Average population growth.
[PL 2015, c. 267, Pt. L, §2 (RP).]
Terms Used In Maine Revised Statutes Title 5 Sec. 1531
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Average personal income growth: means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in personal income in this State, as estimated by the United States Department of Commerce, Bureau of Economic Analysis. See Maine Revised Statutes Title 5 Sec. 1531
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- Commissioner: means the Commissioner of Administrative and Financial Services. See Maine Revised Statutes Title 5 Sec. 1531
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- General Fund revenue shortfall: means the amount by which the General Fund appropriation limitation established by section 1534 exceeds baseline General Fund revenue and other available resources in each state fiscal year. See Maine Revised Statutes Title 5 Sec. 1531
- Stabilization fund: means the Maine Budget Stabilization Fund established in this chapter. See Maine Revised Statutes Title 5 Sec. 1531
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Average personal income growth. “Average personal income growth” means the average for the prior 10 calendar years, ending with the most recent calendar year for which data is available, of the percent change in personal income in this State, as estimated by the United States Department of Commerce, Bureau of Economic Analysis. The average personal income growth is determined by October 1st, annually, by the State Economist.
[PL 2021, c. 293, Pt. A, §2 (RPR).]
3. Baseline General Fund revenue. “Baseline General Fund revenue” means the recommended General Fund revenue forecast reported by the Revenue Forecasting Committee in accordance with section 1710?F.
[PL 2023, c. 412, Pt. I, §1 (AMD).]
4. Biennial base year appropriation. “Biennial base year appropriation” means:
A. For the 2024-2025 biennium, 98% of the baseline General Fund revenue for fiscal year 2023-24 as of December 1, 2022; and [PL 2023, c. 412, Pt. I, §2 (RPR).]
B. For fiscal years subsequent to fiscal year 2024-25, the amount of the General Fund appropriation limitation calculated for the current year pursuant to section 1534, subsection 1. [PL 2023, c. 412, Pt. I, §2 (RPR).]
[PL 2023, c. 412, Pt. I, §2 (RPR).]
5. Commissioner. “Commissioner” means the Commissioner of Administrative and Financial Services.
[PL 2005, c. 2, Pt. A, §5 (NEW); PL 2005, c. 2, Pt. A, §14 (AFF).]
6. Forecasted inflation.
[PL 2015, c. 267, Pt. L, §5 (RP).]
7. 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 revenue and other available resources in each state fiscal year.
[PL 2005, c. 2, Pt. A, §5 (NEW); PL 2005, c. 2, Pt. A, §14 (AFF).]
8. Stabilization fund. “Stabilization fund” means the Maine Budget Stabilization Fund established in this chapter.
[PL 2005, c. 2, Pt. A, §5 (NEW); PL 2005, c. 2, Pt. A, §14 (AFF).]
9. State and local tax burden.
[PL 2023, c. 412, Pt. I, §3 (RP).]
SECTION HISTORY
PL 2005, c. 2, §A5 (NEW). PL 2005, c. 2, §A14 (AFF). PL 2005, c. 621, §§1,2 (AMD). PL 2011, c. 655, Pt. DD, §§1, 2 (AMD). PL 2011, c. 655, Pt. DD, §24 (AFF). PL 2013, c. 368, Pt. Q, §2 (AMD). PL 2015, c. 267, Pt. L, §§2-5 (AMD). PL 2019, c. 343, Pt. D, §2 (AMD). PL 2019, c. 343, Pt. IIII, §1 (AMD). PL 2021, c. 293, Pt. A, §2 (AMD). PL 2023, c. 412, Pt. I, §§1-3 (AMD).