Budget Amendment ID: FY2017-S4-251

EDU 251

Foundation Budget Review Commission Funding by consolidated net surplus

Messrs. Tarr, Fattman and Ross moved that the proposed new text be amended in SECTION 26 by inserting after the "appropriation" the following words:-provided that the first year of implementation shall be funded from a transfer of 1/3 of the consolidated net surplus, not to exceed $10,000,000

moves to further amendment by inserting after section __the following new section:-

SECTION __.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 under section 5C of chapter 29 of the General Laws, the comptroller shall dispose of the consolidated net surplus in the budgetary funds as follows: (1) transfer 1/3 of the surplus, not to exceed $10,000,000, to the Massachusetts Community Preservation Trust Fund established in section 9 of chapter 44B of the General Laws; (ii) transfer 1/3 of the surplus, not to exceed $10,000,000, to the Massachusetts Life Sciences Investment Fund established in section 6  of the chapter 23I of the General Laws; and (iii) transfer 1/3 of the surplus, not to exceed $10,000,000 to the implementation of the of the recommendations of the foundation budget review commission as established by section 4 of chapter 70