December 1, 2011
Office of the Treasurer and Receiver General
State House, Room 227
Boston, MA 02133
RE: Stabilization Fund Transfers and Stabilization Fund Balance Analysis
Dear Treasurer Grossman:
Section 155 of Chapter 68 of the Acts of 2011 (the fiscal year 2012 General Appropriations Act) authorizes the transfer of the interest earned from the Commonwealth Stabilization Fund during fiscal year 2012 to the General Fund. Therefore, for the period July 1, 2011 through November 30, 2011, we will process a transfer for interest totaling $1,807,648 in conjunction with the Treasury Department.
In addition, Section 94 of Chapter 194 of the Acts of 2011, “An Act Establishing Expanded Gaming in the Commonwealth”, requires the Comptroller to transfer $5,000,000 from the Stabilization Fund to the General Fund on or before December 2, 2011. Therefore, the current total of amounts to be transferred, per the attached worksheet, is $6,807,648. The attachment also shows the Stabilization Fund balance as of November 30, 2011, including all prior transfers, earnings and deposits credited to the Stabilization Fund during fiscal year 2012.
If you have any questions regarding this, please contact Howard Merkowitz, Deputy Comptroller at (617) 973-2602.
Martin J. Benison
Enc. Attachment #1: Sec. 155 of Ch. 68 of the Acts of 2011 Sec 94 of Chapter 194 of the Acts of 2011
Attachment #2: Stabilization Fund Balance Spreadsheet
cc: Stephen Brewer, Chairman, Senate Ways and Means Committee
Brian Dempsey, Chairman, House Ways and Means Committee
Jay Gonzalez, Secretary, ANF
Matthew J. Gorzkowicz, Undersecretary, ANF
James MacDonald, First Deputy Treasurer, TRE
Howard Merkowitz, Deputy Comptroller, CTR
Julia Burns, Director of Accounting, CTR
B J Trivedi, Director of Financial Reporting, CTR
Chapter 68, Acts of 2011
SECTION 155 (c) Notwithstanding any general or special law to the contrary, the comptroller shall, on or before June 30, 2012, transfer the interest earned from the Commonwealth Stabilization Fund during fiscal year 2012 to the General Fund.
Chapter 194, Acts of 2011
SECTION 94 (b) Within 10 days after the effective date of this act, the comptroller shall transfer $5,000,000, from the Commonwealth Stabilization Fund established in section 2H of chapter 29 of the General Laws to the General Fund.