Maine Revised Statutes Title 5 Sec. 1535 – General Fund transfers to stabilization fund
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Baseline General Fund revenue that exceeds the General Fund appropriation limitation established by section 1534 for any fiscal year must be reserved for the stabilization fund. The reserved amount must be adjusted each time baseline General Fund revenue changes. At the close of each fiscal year, the State Controller shall transfer to the stabilization fund the lesser of the reserved amount and the amount of actual General Fund revenues that exceed the General Fund appropriation limitation for that fiscal year. Following the transfer, the reserved amount for that fiscal year is zero. If the stabilization fund is at its limit of 18% of General Fund revenue of the immediately preceding year, amounts that would otherwise have been transferred to the stabilization fund pursuant to this section must be transferred as follows: [PL 2023, c. 412, Pt. I, §7 (RPR).]
1. Highway and Bridge Capital. Eighty percent to the Department of Transportation, Highway and Bridge Capital program, Other Special Revenue Funds account;
[PL 2023, c. 412, Pt. I, §7 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 1535
- 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
- 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.
- 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.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Stabilization fund: means the Maine Budget Stabilization Fund established in this chapter. See Maine Revised Statutes Title 5 Sec. 1531
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. School Revolving Renovation Fund. Ten percent to the School Revolving Renovation Fund established in Title 30?A, section 6006?F, subsection 1; and
[PL 2023, c. 412, Pt. I, §7 (NEW).]
3. Irrevocable Trust Funds for Other Post-employment Benefits. Ten percent to the Irrevocable Trust Funds for Other Post-employment Benefits established in section 286?B, subsection 2.
[PL 2023, c. 412, Pt. I, §7 (NEW).]
SECTION HISTORY
PL 2005, c. 2, §A5 (NEW). PL 2005, c. 2, §A14 (AFF). PL 2005, c. 519, §VV3 (AMD). PL 2005, c. 621, §4 (AMD). PL 2023, c. 412, Pt. I, §7 (RPR).