September 14, 2012
Secretary Jay Gonzalez
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 Gonzalez, Chairman Brewer and Chairman Dempsey:
Section 155 of Chapter 68 of the Acts of 2011 (the fiscal year 2012 General Appropriations Act) authorizes the transfer of interest earned by the Commonwealth Stabilization Fund during fiscal year 2012 to the General Fund. Transfers totaling $6,380,919.45 to the General Fund were made previously in fiscal year 2012. We will process the final transfer totaling $605,374.58, which includes interest earned over the remainder of fiscal year 2012.
Additionally, a transfer of $3,421,816.25 to the General Fund will be made to reflect the unrealized gain in the market value of investments during fiscal year 2012.
For your information, the Comptroller’s web site includes a page showing a summary of current fiscal year Stabilization Fund transactions as well as a chart showing historical and current balances in the Stabilization Fund. That page is updated each time a transfer is made to or from the Stabilization Fund, and can be accessed at the following hyperlink:
If you have any questions regarding this letter, please feel free to contact me at (617) 973-2315 or Howard Merkowitz, Deputy Comptroller, at (617) 973-2602.
Martin J. Benison
Amy Pitter, Commissioner, Department of Revenue
Judy Zeprun Kalman, Deputy Attorney General, Attorney General’s Office
Michael Esmond, Budget Director, Administration and Finance
Rob Dolan, Director of Finance, Administration and Finance
Samuel Goldhar, Budget Director, House Ways and Means
Douglas Howgate, Budget Director, Senate Ways and Means
James MacDonald, First Deputy Treasurer, Treasurer’s Office
Kazim Ozyurt, Director, Office of Tax Policy Analysis, Department of Revenue
Howard Merkowitz, Deputy Comptroller, Office of the Comptroller
BJ Trivedi, FRAB Director, Office of the Comptroller
Julia Burns, GAB Director, Office of the Comptroller