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

Outside Section 18



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Stabilization Fund Transfers

SECTION 18.   (a) Notwithstanding any general or special law to the contrary, the comptroller shall, on or before June 30, 2015, transfer $175,000,000 to the General Fund from the Commonwealth Stabilization Fund, but 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 any general or special law to the contrary, the comptroller shall, not later than June 30, 2015, transfer the interest earned from the Commonwealth Stabilization Fund during fiscal year 2015 to the General Fund
 
 

Summary:
This section transfers $175 million to the General Fund from the Commonwealth Stabilization Fund, but allows the Secretary of Administration and Finance to reduce the amount transferred. It also transfers interest on the Stabilization Fund during fiscal year 2015 to the General Fund.



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