This is not the official budget document.

Budget Summary FY2013

Outside Section 160
Data Current as of:  7/7/2012




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Stabilization Fund Transfers

SECTION 160.   (a) Notwithstanding any general or special law to the contrary, the comptroller shall, on or before June 30, 2013, transfer $350,000,000 to the General Fund from the Commonwealth Stabilization Fund; provided, however, the comptroller shall instead transfer a lesser amount if the secretary of administration and finance so requests in writing. The comptroller, in consultation with the secretary of administration and finance, may take the overall cash flow needs of the commonwealth into consideration in determining the timing of any transfer of funds. The comptroller shall provide a schedule of transfers to the secretary of administration and finance and to the house and senate committees on ways and means.

(b) Notwithstanding clause (a) of section 5C of chapter 29 of the General Laws or any other general or special law to the contrary, during fiscal year 2013 the comptroller shall not transfer 0.5 per cent of the total revenue from taxes in the preceding fiscal year to the Commonwealth Stabilization Fund, as required by said clause (a). However, upon written certification by the secretary of administration and finance that there are sufficient funds to make some or all of the transfer required under said clause (a), the comptroller shall so transfer the amount certified. The comptroller, in consultation with the secretary of administration and finance, may take the overall cash flow needs of the commonwealth into consideration in determining the timing of any transfer of funds under this subsection. The comptroller shall provide a schedule of transfers to the secretary of administration and finance and to the house and senate committees on ways and means.

(c) Notwithstanding any general or special law to the contrary, the comptroller shall, on or before June 30, 2013, transfer the interest earned from the Commonwealth Stabilization Fund during fiscal year 2013 to the General Fund.