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Budget Summary FY2015

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Outside Section 71
Data Current as of:  10/17/2014

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Changes to Health Care Security Trust Fund III

SECTION 71.   Said section 24 of said chapter 32A, as so amended, is hereby further amended by adding the following 3 subsections:-

(i) All transactions affecting the fund including, but not limited to, all amounts credited to and all expenditures, transfers or allocations made from the fund shall be recorded by a subsidiary on the Massachusetts management accounting and reporting system.

(j) The fund shall be classified by the comptroller as a nonbudgeted fund of the commonwealth. Amounts credited to the fund, including both principal and earnings, shall not be subject to the calculation of the consolidated net surplus under sections 2H and 5C of chapter 29.

(k) The attorney general shall file a quarterly report with the state comptroller, the secretary of administration and finance and the house and senate committees on ways and means which shall include, but not be limited to: (i) an updated schedule of payments due to the commonwealth under the master settlement agreement in Commonwealth of Massachusetts v. Philip Morris, Inc. et al., Middlesex Superior Court, No. 95-7378; (ii) an analysis of imminent factors that may affect the industry's ability to generate those payments to the commonwealth; (iii) a detailed account of the analysis and methodology used to determine the variations associated with the schedule of payments; (iv) an explanation of the financial impact that those variations in the schedule of payments shall have upon the amount due to the commonwealth and the industry's obligation to the commonwealth; and (v) an itemized account of all amendments that have been made to the master settlement agreement referenced in clause (i).