Section 5C. The comptroller shall annually, on or before October 31, certify to the commissioner of administration the amount of the consolidated net surplus in the budgetary funds at the close of the preceding fiscal year. The amounts so certified shall be disposed as follows:
(a) an amount equal to 1/2 of 1 per cent of the total revenue from taxes in the preceding fiscal year shall be available to be used as revenue for the current fiscal year and 1/2 of 1 per cent of the total revenue from taxes in the preceding fiscal year shall be transferred to the Stabilization Fund.
(b) any remaining amount of such consolidated net surplus after amounts made available in clause (a) shall be transferred to the Stabilization Fund; and
[ Clause (c) effective until June 30, 2008. For text effective June 30, 2008, see below.]
(c) all transfers specified in this section shall be made from the undesignated fund balances in the budgetary funds proportionally from said undesignated fund balances provided that no such transfer shall cause a deficit in any of said funds.
[ Clause (c) as amended by 2008, 302, Sec. 5 effective June 30, 2008. See 2008, 302, Sec. 69. For text effective until June 30, 2008, see above.]
(c) all transfers specified in this section shall be made from the undesignated fund balances in the budgetary funds proportionally from those undesignated fund balances, but no such transfer shall cause a deficit in any of those funds; provided, however, that prior to certifying the consolidated net surplus in accordance with this section, the comptroller shall, to the extent possible, eliminate deficits in any fund contributing to the surplus by transferring positive fund balances from any other fund contributing to the surplus.