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131st MAINE LEGISLATURE
FIRST REGULAR SESSION-2023
Legislative Document No. 193S.P. 97 In Senate, January 13, 2023
An Act to Provide Excess General Fund Revenue to the School
Revolving Renovation Fund and the Education Stabilization Fund
Reference to the Committee on Education and Cultural Affairs suggested and ordered
printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator PIERCE of Cumberland.
Cosponsored by Representative MILLETT of Cape Elizabeth and
Senators: INGWERSEN of York, LIBBY of Cumberland, Representatives: BRENNAN of
Portland, CROCKETT of Portland, GATTINE of Westbrook, KUHN of Falmouth. Page 1 - 131LR0300(01)
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2 as amended by PL 2021, c. 398, Pt. ZZZ, ยงยง2 and
3 3, is further amended to read:
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5 pursuant to section 1507, the transfers to the Loan Insurance Reserve pursuant to section
6 1511, the transfers pursuant to section 1522, a transfer of $2,500,000 for the Reserve for
7 General Fund Operating Capital and the transfers to the Retiree Health Insurance Internal
8 Service Fund pursuant to section 1519, the State Controller shall transfer at the close of
9 each fiscal year from the unappropriated surplus of the General Fund an amount equal to
10 the amount available from the unappropriated surplus after all required deductions of
11 appropriations, budgeted financial commitments and adjustments considered necessary by
12 the State Controller have been made as follows:
13 A. Eighty Forty percent to the stabilization fund; and
14 G. Twenty percent to the Highway and Bridge Capital program, Other Special
15 Revenue Funds account. ;
16 H. Twenty percent to the School Revolving Renovation Fund established in Title
17 30-A, section 6006-F; and
18 I. Twenty percent to the Education Stabilization Fund established in Title 20-A, section
19 15698.
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21 This bill amends the so-called cascade, which describes how any General Fund
22 unappropriated surplus at the close of a fiscal year is to be distributed. This bill reduces
23 from 80% to 40% the amount distributed to the Maine Budget Stabilization Fund, also
24 known as the Rainy Day Fund, and distributes 20% to the School Revolving Renovation
25 Fund and 20% to the Education Stabilization Fund.
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