December 31, 2011
Honorable Stephen M. Brewer, Chair
Senate Committee on Ways and Means
Honorable Brian S. Dempsey, Chair
House Committee on Ways and Means
Secretary Jay Gonzalez
Executive Office for Administration and Finance
Honorable Martha Coakley
Dear Sirs and Madam:
As required by Chapter 29 §2TT of the Mass. General Laws, the Office of the Comptroller is submitting this report on the Liability Management & Reduction Fund to the House and Senate Committees on Ways & Means, the Secretary of Administration & Finance, and the Attorney General.
This report contains the Fund’s financial statement for FY 2011 (see attachment 1) as published in the audited Commonwealth Statutory Based Financial Report. Revenues consist of interest income from investments, categorized as miscellaneous revenue and departmental premiums, derived from each department’s five-year average for tort payments and litigation costs from FY 2006 through FY 2010, (see attachment 2).
If you have any questions regarding this information, please call Kathy Sheppard at (617) 973-2666.
Martin J. Benison
Peter Sacks, AGO Deputy Chief, Government Bureau
Doug Howgate, Budget Director, Senate Ways and Means Committee
Samuel Goldhar, Budget Director, House Ways and Means Committee