§1536. Excess General Fund revenues

1.  Final priority reserves.  After the transfers to the State Contingent Account pursuant to section 1507, the transfers to the Loan Insurance Reserve pursuant to section 1511, the transfers pursuant to section 1522, a transfer of $2,500,000 for the Reserve for General Fund Operating Capital and the transfers to the Retiree Health Insurance Internal Service Fund pursuant to section 1519, the State Controller shall transfer at the close of each fiscal year 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. Eighty percent to the stabilization fund; and   [PL 2015, c. 267, Pt. L, §8 (AMD).]

B. [PL 2013, c. 1, Pt. E, §2 (RP).]

C. [PL 2015, c. 267, Pt. L, §8 (RP).]

D. [PL 2015, c. 267, Pt. L, §8 (RP).]

E. [PL 2015, c. 267, Pt. L, §8 (RP).]

F. Twenty percent to the Property Tax Relief Fund for Maine Residents established in section 1518-A.   [PL 2019, c. 448, §2 (AMD).]

[PL 2019, c. 448, §2 (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 had the Reserve for General Fund Operating Capital not been at its statutory limit of $50,000,000.

[PL 2015, c. 267, Pt. L, §8 (AMD).]

3.  Exceptions; stabilization fund at limit.  If the stabilization fund is at its limit of 18% 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 Property Tax Relief Fund for Maine Residents established in section 1518-A.

[PL 2019, c. 448, §3 (AMD).]

SECTION HISTORY

RR 2005, c. 1, §1 (COR). PL 2005, c. 2, §A5 (NEW). PL 2005, c. 2, §A14 (AFF). PL 2005, c. 519, §VV4 (AMD). PL 2011, c. 380, Pt. X, §2 (AMD). PL 2011, c. 692, §2 (AMD). PL 2011, c. 692, §3 (AFF). PL 2013, c. 1, Pt. E, §2 (AMD). PL 2015, c. 267, Pt. L, §8 (AMD). PL 2019, c. 448, §2, 3 (AMD).