Budget Amendment ID: FY2014-S3-146

GOV 146

FY2013 CONSOLIDATED NET SURPLUS

Messrs. Tarr, Knapik and Ross moved that the proposed new text be amended by striking Section 112 in its entirety and inserting in place thereof the following new section:-

“SECTION 112. Section 155 of chapter 139 of the acts of 2012 is hereby amended by striking out subsection (a) and inserting in place thereof the following subsection:- (a) Notwithstanding any general or special law to the contrary, after certifying the amount of consolidated net surplus in the budgetary funds at the close of the preceding fiscal year under section 5C of chapter 29 of the General Laws, the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2013 in the following order to the extent that funds are available: (i) transfer $25,000,000 to the Massachusetts Community Preservation Trust Fund, established by section 9 of chapter 44B of the General Laws; (ii) transfer $10,000,000 to the Tax Reduction Fund, established by section 2I of chapter 29 of the General Laws; (iii) transfer $5,000,000 to the Massachusetts Life Sciences Investment Trust Fund, established by section 6 of chapter 23I of the General Laws; and (iv) transfer the remaining undesignated fund balances from the budgetary funds contributing to the consolidated net surplus to the Commonwealth Stabilization Fund.”