Outside Section 60

FY 2017 Consolidated Net Surplus

SECTION 60.   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 pursuant to 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 2017 as follows: (i) 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; and (ii) 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.



Summary:
This section requires a transfer of up to $10 million from any consolidated net surplus in fiscal year 2017 to the Community Preservation Trust Fund, and up to $10 million to the Massachusetts Life Sciences Center, before the remaining funds are deposited into the Stabilization Fund.