Budget Amendment ID: FY2019-S4-249

EDU 249

Foundation Budget Review Commission Funding by Consolidated Net Surplus

Messrs. Tarr, Ross, O'Connor and Fattman moved that the proposed new text be amended 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

The department of elementary and secondary education shall establish and monitor measurable benchmarks for progress and accomplishment, and shall report annually to the clerks of the house and senate, the house and senate committees on ways and means, the joint committee on education, and the secretary of education not later than December 31 of each year on the impacts of fund spending.