Budget Amendment ID: FY2020-S3-2-R1
Redraft OTH 2
CPA Consolidated Net Surplus
Mr. Tarr, Ms. Jehlen, Messrs. Moore, deMacedo, Kennedy and Feeney, Ms. Gobi, Messrs. Humason, Collins, Welch and O'Connor moved that the proposed new text be amended by inserting after section 75 the following section:-
“SECTION 75A. Notwithstanding any general or special law to the contrary, prior to transferring the consolidated net surplus in the budgetary funds to the Commonwealth Stabilization Fund pursuant to section 5C of chapter 29 of the General Laws, the comptroller shall transfer 50 per cent of the consolidated net surplus in the budgetary funds for fiscal year 2019 or $20,000,000 of such surplus, whichever is less, to the Massachusetts Community Preservation Trust Fund established in section 9 of chapter 44B of the General Laws.”.