Comptroller Fiscal Year Memo Letter Head

December 1, 2011

 

Steven Grossman
Treasurer
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.

 

Sincerely,

Martin J. Benison
Comptroller

 

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


 

Attachment #1

 

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.

 

Attachment 2

FY2012 Stabilization Fund Status as of December 1 2011 is $1,455,444,658