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Expenditures from Fiscal Year 2013 Surplus

SECTION 18.   Chapter 139 of the acts of 2012 is hereby amended by striking out section 155 and inserting in place thereof the following section:-
Section 155. (a) Notwithstanding any general or special law to the contrary, the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2013 in the following order to the extent that funds are available: (1) transfer $25,000,000 to the Massachusetts Community Preservation Trust Fund, established by section 9 of chapter 44B of the General Laws; (2) transfer $20,000,000 to the Housing Preservation and Stabilization Trust Fund, established by section 60 of chapter 121B of the General Laws; and (3) transfer 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; but no such transfer shall cause a deficit in any of the funds.
 
 

Summary:
This section distributes any surplus at the end of fiscal year 2013 in the following order, to the extent that funds are available: *$25 million to the Community Preservation Trust Fund; *$20 million to the new Housing Preservation and Stabilization Trust Fund; and * the remaining balance to the Commonwealth Stabilization Fund.