Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2012

Governor's Budget Recommendation FY 2012

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Stabilization Fund Balances

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Stabilization Fund Balances (in millions)
The Commonwealth Stabilization Fund is established in Chapter 29, section 2H of the General Laws as a reserve of surplus revenues to be used for the purposes of: (1) covering revenue shortfalls, (2) covering state or local losses of federal funds, or (3) for any event which threatens the health, safety or welfare of the people or the fiscal stability of the Commonwealth or any of its political subdivisions. The fund is sometimes referred to as the state's "rainy day fund," serving as a source of financial support for the state budget in times of slow or declining revenue growth and as the primary source of protection against having to make drastic cuts in state services in periods of economic downturns. There are a number of different ways monies can be deposited to the fund including but not limited to: the statutorily required deposit of 1/2 of 1 per cent of state tax revenue in a fiscal year, any capital gains revenue above and beyond $1 billion in a given fiscal year and ad hoc deposits as authorized by the state Legislature.
FY10 FY11 FY12
Beginning Fund Balances 841.3 669.8 769.2
Taxes 2.0 0.0 0.0
Departmental Revenues  
   - Interest Income 21.8 4.0 9.0
Consolidated Transfers (206.6) (4.0) (209.0)
Total Revenues (182.8) 0.0 (200.0)
Total Available 658.5 669.8 569.2
Transfers to Other Funds (11.3) (99.4) (2.4)
Ending Fund Balances 669.8 769.2 571.6

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