2010 Maine Code
TITLE 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Chapter 142: MAINE BUDGET STABILIZATION FUND
5 §1536. Excess General Fund revenues

Part 4: FINANCE

§1536. Excess General Fund revenues

1. Third priority reserve. The State Controller shall, as the 3rd priority after the transfers to the State Contingent Account pursuant to section 1507 and the transfers to the Loan Insurance Reserve pursuant to section 1511 at the close of each fiscal year, transfer from the unappropriated surplus of the General Fund an amount equal to the amount available from the unappropriated surplus after all required deductions of appropriations, budgeted financial commitments and adjustments considered necessary by the State Controller have been made as follows:

A. Thirty-five percent to the stabilization fund; [2005, c. 519, Pt. VV, §4 (AMD).]

B. Twenty percent to the Retirement Allowance Fund established in section 17251; [2005, c. 519, Pt. VV, §4 (AMD).]

C. Twenty percent to the Reserve for General Fund Operating Capital; [2005, c. 519, Pt. VV, §4 (AMD).]

D. Fifteen percent to the Retiree Health Insurance Internal Service Fund established in section 1519 to be used solely for the purpose of amortizing the unfunded actuarial liability associated with future health benefits; and [2005, c. 519, Pt. VV, §4 (NEW).]

E. Ten percent to the Capital Construction and Improvements Reserve Fund established in section 1516-A. [2005, c. 519, Pt. VV, §4 (NEW).]

[ 2005, c. 519, Pt. VV, §4 (AMD) .]

2. Additional transfer. At the close of each fiscal year, the State Controller shall transfer from the unappropriated surplus of the General Fund to the stabilization fund an amount equal to the balance remaining of the excess of total General Fund revenue received over accepted estimates in that fiscal year that would have been transferred to the Reserve for General Fund Operating Capital pursuant to subsection 1, paragraph C had the Reserve for General Fund Operating Capital not been at its statutory limit of $50,000,000.

[ RR 2005, c. 1, §1 (COR) .]

3. Exceptions; stabilization fund at limit. If the stabilization fund is at its limit of 12% of General Fund revenue of the immediately preceding year, then amounts that would otherwise have been transferred to the stabilization fund pursuant to subsections 1 and 2 must be transferred to the Tax Relief Fund for Maine Residents established in section 1518-A.

[ 2005, c. 2, Pt. A, §14 (AFF); 2005, c. 2, Pt. A, §5 (NEW) .]

SECTION HISTORY

RR 2005, c. 1, §1 (COR). 2005, c. 2, §A14 (AFF). 2005, c. 2, §A5 (NEW). 2005, c. 519, §VV4 (AMD).