Foundation Budget Review Commission Funding by Consolidated Net Surplus
Messrs. Tarr, Ross and O'Connor moved that the proposed new text be amended by inserting, after section ___, the following new section:- “SECTION __.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 as follows: (1) transfer 1/3 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; (ii) transfer 1/3 of the surplus, not to exceed $10,…
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