Budget Amendment ID: FY2015-S4-134

GOV 134

Social Investment Financing

Mr. Joyce moved that the proposed new text be amended moved that the bill be amended by inserting after item 1599-3553 the following item:-

“1599-3557  For continued funding for the Social Innovation Trust Fund established under section 35VV of chapter 10 of the General Laws to hold funds in support of pay for success contracts; provided, that as provided in said section 35VV these funds will only be distributed upon achieving performance goals under the pay for success contract; and provided further, that these funds will support the efforts underway to enter into pay for success contracts including juvenile justice, chronic homelessness and adult basic education….…..$7,000,000”

And, in section 115, by striking out the words “in the following order to the extent that funds are available: (i) transfer $25,000,000 to the Massachusetts Life Sciences Investment Fund established in section 6 of chapter 23I of the General Laws; and (ii) transfer $7,000,000 to the Social Innovation Financing Trust Fund established in section 35VV of chapter 10 of the General Laws” and inserting in place thereof the following words:-“to the extent that funds are available by transferring $25,000,000 to the Massachusetts Life Sciences Investment Fund established in section 6 of chapter 23I of the General Laws”