[Senate, May 1, 2007 - Offered by Senator Steven C. Panagiotakos.] |
FORECASTING THE AMOUNT OF TAX REVENUE FOR FISCAL YEAR 2008.
WHEREAS, SECTION 5B OF CHAPTER 29 OF THE GENERAL LAWS PROVIDES FOR THE GENERAL COURT TO ADOPT A JOINT TAX REVENUE FORECAST FOR THE ENSUING FISCAL YEAR REFLECTING THE CONSENSUS OF THE HOUSE AND SENATE COMMITTEES ON WAYS AND MEANS AND THE COMMISSIONER OF ADMINISTRATION; AND
WHEREAS, SECTION 5B OF CHAPTER 29 OF THE GENERAL LAWS PROVIDES THAT SUCH TAX REVENUE FORECAST SHALL ESTABLISH THE MAXIMUM AMOUNT OF TAX REVENUE WHICH MAY BE CONSIDERED FOR THE GENERAL APPROPRIATION ACT FOR THE ENSUING FISCAL YEAR; AND
WHEREAS, THE ADOPTION OF SUCH TAX REVENUE FORECAST WILL MAKE A SIGNIFICANT CONTRIBUTION TO A BALANCED BUDGET AND FISCAL STABILITY; NOW THEREFORE BE IT
RESOLVED, THAT THE MASSACHUSETTS SENATE HEREBY FINDS AND DECLARES THAT THE AMOUNT OF THE FISCAL YEAR 2008 TRANSFER TO THE PENSION RESERVES INVESTMENT TRUST FUND FOR THE COMMONWEALTH’S ANNUAL PENSION CONTRIBUTION SHALL BE $1,398,573,000; AND BE IT FURTHER
RESOLVED, THAT THE MASSACHUSETTS SENATE HEREBY FINDS AND DECLARES THAT THE AMOUNT OF THE FISCAL YEAR 2008 TRANSFER TO THE SCHOOL MODERNIZATION AND RECONSTRUCTION TRUST FUND SHALL BE $634,700,000; AND BE IT FURTHER
RESOLVED, THAT THE MASSACHUSETTS SENATE HEREBY FINDS AND DECLARES THAT THE AMOUNT OF TAX REVENUE AVAILABLE FOR THE GENERAL APPROPRIATION ACT FOR FISCAL YEAR 2008, IN THE ABSENCE OF ANY CHANGES IN STATUTE RELATING TO TAXATION ENACTED AFTER JANUARY 31, 2007, SHALL NOT EXCEED $17,089,744,790; AND BE IT FURTHER
RESOLVED, THAT A COPY OF THESE RESOLUTIONS BE TRANSMITTED FORTHWITH BY THE CLERK OF THE SENATE TO HIS EXCELLENCY DEVAL PATRICK, GOVERNOR OF THE COMMONWEALTH.