Comptroller Fiscal Year Memo Letter Head

September 29, 2011

Jay Gonzalez, Secretary for Administration and Finance
Commonwealth of Massachusetts
State House, Room 373
Boston, MA 02133

Chairman Brian S. Dempsey
House Ways and Means Committee
State House, Room 243
Boston, MA 02133

Chairman Stephen M. Brewer
Senate Ways and Means Committee
State House, Room 212
Boston, MA 02133

Re:  Temporary Holding Fund Transfer

Dear Secretary Gonzalez, Chairman Dempsey, and Chairman Brewer:

Pursuant to certification received from the Commissioner of Revenue in accordance with Massachusetts General Laws, Chapter 62F, Section 6A, the “Cumulative Net State Tax Revenues in Excess of Permissible Limit” is $5,631,263 for the FY2011year end adjustment; therefore, a transfer of $5,631,263 will be made to the Temporary Holding Fund.  Please note that $333,042,115 was transferred on January 10, 2011; $258,309,371 was transferred on February 16, 2011; $60,411,056 was transferred on April 28, 2011; and $530,000,688 was transferred on August 4, 2001.  The total FY2011 transfer is $1,187,394,493.

Should you have any questions, please feel free to contact me.


Martin J. Benison

cc:    Michael Esmond, Budget Director        
        Navjeet Bal, Commissioner of Revenue        
        Eileen Glovsky, Deputy Treasurer        
        James MacDonald, Deputy Treasurer        
        Howard Merkowitz, Deputy Comptroller

Attachment A




Chapter 62F: Section 6A. Temporary holding fund; excess state tax revenues; transfer and allocation of funds

Section 6A. For any quarter of a fiscal year in which cumulative net state tax revenues exceed cumulative permissible tax revenues as defined in this chapter, the comptroller shall transfer such amounts as necessary from the General Fund to the temporary holding fund established by the comptroller to ensure that for the end of each quarter of the fiscal year, the balance of the temporary holding fund shall reflect the year-to-date difference between cumulative net state tax revenues and cumulative permissible state tax revenues. If the balance in the temporary holding fund exceeds the year-to-date difference between cumulative net state tax revenues and cumulative permissible state tax revenues, the comptroller shall transfer the amount of the difference to the General Fund. The secretary of administration and finance may promulgate rules, regulations and guidelines to effectuate the purposes of this section.

For any fiscal year when expenditure from the Commonwealth Stabilization Fund is required to pay expenses of the commonwealth, the comptroller shall reimburse the commonwealth Stabilization Fund at the end of the fiscal year from the temporary holding fund the amount of all such appropriations from the Commonwealth Stabilization Fund, provided that said reimbursement shall not exceed the balance in the temporary holding fund. Any funds remaining in the temporary holding fund at the end of the fiscal year shall be transferred to the General Fund and shall be part of the consolidated net surplus certified by the comptroller pursuant to section 5C of chapter 29.

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