Revenue Sharing and Fossil Fuel Divestiture

Revenue Sharing

Late this afternoon the Appropriations committee voted to send LR 2127, “the Revenue Sharing bill” to the floor for approval. The bill seeks to ensure that towns will not suffer another $40M in cuts to Revenue Sharing.

This afternoon, following discussion, Republicans voted to oppose on the bill to protect funding for Revenue Sharing. They did not present an alternative plan to secure Revenue Sharing.

The funding for this effort consists of: 

  • $21M borrowed from the Budget Stabilization Fund (BSF)
  • $4M at rest in a fund to extend GOP tax cuts
  • $15M of reprojected revenues

 The bill also restores the $21M from BSF by changing the year end cascade.

It is expected that the House will consider this bill on Thursday.

 Maine Public Employees Retirement System (MePERS) GEA Review

Additionally the committee considered their Government Evaluation Act (GEA) review of Maine Public Employees Retirement System (MePERS). The bill includes three recommendations: 

  1. Allowing disparate plan assets to be managed jointly but allowing only the assets of a trust to be used for the benefit of that particular trust and it’s employees and beneficiaries.
  2. Allows Participating Local District Plans (PLDs) to include emergency medical services personnel to be considered for available special retirement plans.
  3. Finally, as prompted by Representative Brian Jones bill on fossil fuel divestiture, MePERS will establish a task force to study and further the System’s work on corporate governance by completing an Environmental, Social & Governance (ESG) for consideration by the Trustees.

Schedule

Initially scheduled for Wednesday, Commissioners Millett and Reir will be on hand Thursday afternoon beginning at 2:30 PM to discuss executive branch budget requests.

The entire schedule may be found here: http://www.maine.gov/legis/ofpr/appropriations_committee/schedule_agendas/index.htm

Please join AFA in room 228 if you would like. As always you can listen in here: http://www.maine.gov/legis/ofpr/appropriations_committee/audio/index.htm

 

Or watch the proceedings on Capitol Connection: http://www.mpbn.net/News/MaineCapitolConnection.aspx

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