FY2015 Consolidated Net Transfer (11/17/2015)

Comptroller letterhead

November 17, 2015

Secretary Kristen Lepore
Executive Office of Administration and Finance

The Honorable Karen Spilka, Chairwoman
Senate Committee on Ways and Means

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

RE:  Consolidated Net Surplus transfer for FY2015

Dear Secretary Lepore, Chairwoman Spilka, and Chairman Dempsey:

Section 53A of Chapter 119 of the Acts of 2015 authorizes certain transfers from the fiscal year 2015 consolidated net surplus in the budgetary funds, and requires a deposit to the Stabilization Fund of any remaining surplus after those transfers. Therefore, for the fiscal year 2015, the Comptroller’s Office we will process a transfer totaling $123,507,489.00 to the Stabilization Fund in conjunction with the Treasury Department. 

The attachment also shows the Stabilization Fund balance as of November 16, 2015, including all prior transfers, earnings and deposits credited to the Stabilization Fund during fiscal year 2015.

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

Sincerely,

Thomas G. Shack III
Comptroller of the Commonwealth

Enc.     
Attachment #1:  Section 11 of Chapter 2 of the Acts of 2015

Attachment #2:  Stabilization Fund Balance Spreadsheet

Attachment #3:  Consolidated Net Surplus Calculation from Statutory Basis Financial Report (SBFR)

Cc:      
Catharine Hornby, Assistant Secretary for the Budget, ANF

Aaron D’Elia, Finance Director, ANF

Kathryn Kendall, Budget Director, HWM

Adriana Campos, Budget Director, SWM

James MacDonald, First Deputy Treasurer, TRE

Howard Merkowitz, Deputy Comptroller, CTR

BJ Trivedi, FRAB Director, CTR

Julia Burns, GAB Director, CTR


 

Attachment #1

 

Chapter 119 of the Acts of 2015

SECTION 53A  Section 194 of said chapter 46 is hereby further amended by striking out section 194 and inserting in place thereof the following section:-


          Section 194.  (a) Notwithstanding any general or special law to the contrary, prior to transferring the consolidated net surplus in the budgetary funds to the Commonwealth Stabilization Fund under section 5C of chapter 29 of the General Laws, the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2015 as follows: (i) transfer ½ of the surplus, not to exceed $10,000,000, to the Massachusetts Community Preservation Trust Fund established in section 9 of chapter 44B of the General Laws; and (ii) transfer ½ of the surplus, not to exceed $10,000,000, to the Massachusetts Life Sciences Investment Fund established in section 6 of chapter 23I of the General Laws.
(b)  After making the transfers required under clauses (i) and (ii) of subsection (a), the comptroller shall transfer, to the extent available, $120,000,000, or any remaining funds, to the Commonwealth Stabilization Fund established in section 2H of said chapter 29 of the General Laws.

 

© Comptroller of the Commonwealth of Massachusetts.