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Get the free Fiscal Note Process: An Overview - Maine State Legislature

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BDR 24409 SB 54 EXECUTIVE AGENCY FISCAL NOTE AGENCY\'S ESTIMATESDate Prepared: February 28, 2023Agency Submitting: Office of the Secretary of State Items of Revenue or Expense, or Botanical Year 202223Fiscal
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01
To fill out a fiscal note process, follow these steps:
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Gather all necessary information: Collect all relevant data, including projected costs, potential benefits, and any other financial implications of the proposed action.
03
Analyze the impact: Assess the potential effects of the proposed action on the organization's budget, staffing, programs, and services.
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Estimate financial impact: Use the gathered information to estimate the financial impact of the proposed action. This may involve calculations or projections based on historical data or expert analysis.
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Document findings: Clearly document the analysis and findings in a fiscal note form or document provided by the appropriate authority.
06
Review and refine: Review the filled out fiscal note for accuracy, clarity, and completeness. Make any necessary revisions or adjustments.
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Seek approval: Submit the completed fiscal note to the appropriate authority or department for review and approval.
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Implement recommendations: If necessary, implement the recommendations outlined in the approved fiscal note.
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Monitor and evaluate: Continuously monitor the implementation of the proposed action and evaluate its financial impact over time.

Who needs fiscal note process an?

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Various entities and individuals may need to go through the fiscal note process, including:
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- Government agencies: Government agencies at various levels (federal, state, local) may need to assess the fiscal impact of proposed policies, programs, or regulations.
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- Legislators: Lawmakers may require fiscal notes to understand the financial implications of proposed bills or amendments.
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- Non-profit organizations: Non-profit organizations receiving government funding or involved in advocacy work may need to provide fiscal notes to demonstrate the potential impact of their initiatives.
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- Business owners: Business owners who are affected by potential legislative changes or regulatory actions may use fiscal notes to understand the financial consequences and plan accordingly.
06
- Researchers and analysts: Researchers and analysts may use fiscal notes to study the financial effects of various policies or actions.
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- General public: The general public can benefit from fiscal notes to understand the cost and benefits of proposed actions and voice their opinions based on the financial impact.
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The fiscal note process is a procedure used to assess the financial implications of proposed legislation, including estimates of costs, benefits, and projected revenues.
Typically, state agencies or legislative sponsors are required to file fiscal notes, especially when proposing new legislation that may have financial implications.
To fill out a fiscal note, one must provide details regarding the anticipated financial impact of the proposed legislation, including cost estimates, funding sources, and potential savings.
The purpose of the fiscal note process is to provide lawmakers and stakeholders with an understanding of the financial consequences of legislative proposals, aiding in informed decision-making.
Fiscal notes must report estimated costs, projected revenues, fiscal impacts on state or local budgets, and any relevant assumptions used in the analysis.
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