Governor Deval Patrick's Budget Recommendation - House 2 Fiscal Year 2015

Outside Section 16



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Expenditures from Fiscal Year 2014 Surplus

SECTION 16.   (a) Notwithstanding any general or special law to the contrary, after certifying the amount of consolidated net surplus in the budgetary funds at the close of the preceding fiscal year under 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 2014 in the following order to the extent that funds are available: (i) $25,00,000 to the Massachusetts Life Sciences Investment Fund established by section 6 of chapter 23I of the General Laws; and (ii) transfer the remaining consolidated net surplus to the Commonwealth Stabilization Fund, established by section 2H of chapter 29 of the General Laws.
(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 2014 in the following order, to the extent that funds are available: $25,00,000 to the Massachusetts Life Sciences Investment Fund, and the remaining balance to the Commonwealth Stabilization Fund.



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