Budget Amendment ID: FY2018-S3-1

OTH 1

Community Preservation Act - Consolidated Net Surplus

Mr. Tarr, Ms. Creem, Messrs. Lewis, O'Connor and Ross moved that the proposed new text be amended by inserting, after section ___, the following new section:-

"SECTION ___. (a) Notwithstanding any general or special law to the contrary, after complying with clause (a) of 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 2017 by transferring: (i) $25,000,000 to the Massachusetts Community Preservation Trust Fund, established by section 9 of chapter 44B of the General Laws; and (ii) the remaining balance to the Commonwealth Stabilization Fund.

(b) All transfers pursuant to this section shall be made from the undesignated fund balances in the budgetary funds proportionally from the undesignated fund balances; provided, however, that no such transfer shall cause a deficit in any of the funds.