Comptroller Fiscal Year Memo Letter Head

August 6, 2013 

Secretary Glen Shor
Executive Office of Administration and Finance

The Honorable Stephen M. Brewer, Chairman
Senate Committee on Ways and Means

The Honorable Brian S. Dempsey, Chairman
House Committee on Ways and Means 

Dear Secretary Shor, Chairman Brewer and Chairman Dempsey: 

Per Section 172(a) of Chapter 38 of the Acts of 2013 (see attached), the Comptroller will transfer $350,000,000 from the Stabilization Fund to the General Fund.

If you have any questions regarding this letter, please contact Howard Merkowitz, Deputy Comptroller at (617) 973-2602.

Sincerely, 

Martin J. Benison
Comptroller

 Enc.     
Attachment #1:  Section 172 of Chapter 38 of the Acts of 2013            
Attachment #2 xls format of Stabilization Fund Balance Spreadsheet
:  Stabilization Fund Balance Spreadsheet

Cc:       
Emme Schultz, Budget Director
Samuel Goldhar, Budget Director, House Ways and Means
Douglas Howgate, Budget Director, Senate Ways and Means
James MacDonald, First Deputy Treasurer, Treasurer’s Office
Howard Merkowitz, Deputy Comptroller, Office of the Comptroller
BJ Trivedi, FRAB Director, Office of the Comptroller
Julia Burns, GAB Director, Office of the Comptroller


 

Attachment #1

 

 

Ch. 38 of the Acts of 2013

 

SECTION 172.   (a) Notwithstanding any general or special law to the contrary, the comptroller may, on or before June 30, 2014, transfer $350,000,000 to the General Fund from the Commonwealth Stabilization Fund; provided, however, the comptroller shall 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, on or before June 30, 2014, transfer the interest earned from the Commonwealth Stabilization Fund during fiscal year 2014 to the General Fund.