AN ACT ADJUSTING TRANSFERS TO ACCOUNT FOR TIMING DISCREPANCIES IN FEDERAL REIMBURSEMENTS.
Whereas, The deferred operation of this act would tend to defeat its purposes, which are to make forthwith certain changes in law, each of which is immediately necessary to carry out appropriations or to accomplish other important public purposes, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of public convenience.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. (a) Notwithstanding any general or special law to the contrary, in order to adjust for timing discrepancies for federal reimbursements that were anticipated in fiscal year 2008 but will not be received until fiscal year 2009, the comptroller shall adjust fiscal year 2008 transfers previously authorized and shall make additional fiscal year 2009 transfers in the manner provided in this act.
(b) The comptroller shall adjust transfers required under sections 61 and 64 of chapter 302 of the acts of 2008 in order to ensure that, after complying with clause (a) of section 5C of chapter 29 of the General Laws, there are sufficient funds to transfer $25,000,000 to the Massachusetts Life Sciences Investment Fund under clause (1) of subsection (a) of section 89 of chapter 182 of the acts of 2008. The comptroller shall first adjust transfers required under said section 61 of said chapter 302 and, if needed, shall then adjust transfers required under said section 64 of said chapter 302 to effect the transfer of this amount under said clause (1) of said subsection (a) of said section 89 of said chapter 182 of the acts of 2008.
(c) Upon receipt of federal reimbursements in fiscal year 2009 that were anticipated in fiscal year 2008, the comptroller shall make transfers from the General Fund to the funds specified in sections 61 and 64 of chapter 302 of the acts of 2008 in amounts not to exceed the amounts previously required under those sections. The comptroller shall first transfer funding in accordance with the amount previously required under said section 64 of said chapter 302 and, if funds remain, shall transfer the remaining amount of funds previously required under said section 61 of said chapter 302.
(d) The comptroller shall transfer from the General Fund amounts necessary to bring the undesignated balance in the fund established by section 35M of chapter 10 of the General Laws to zero.
(e) The comptroller shall take the overall cash flow needs of the commonwealth into consideration in determining the timing of any transfer of funds provided for in subsections (b), (c) and (d). The comptroller shall provide a schedule of transfers to the secretary of administration and finance and to the house and senate committees on ways and means.
SECTION 2. Section 1 shall take effect as of June 30, 2008.Approved October 28, 2008