Governor Deval Patrick's Budget Recommendation - House 2 Fiscal Year 2009

Governor's Budget Recommendation FY 2009

Stabilization Fund Balances

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Stabilization Fund Balances (in millions)
Commonwealth Stabilization Fund - 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, sometimes referred to as the state's "rainy day fund", serves 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 during economic downturns.
FY07 FY08 FY09
Beginning Fund Balances 2,154.7 2,335.0 2,123.4
Taxes 2.7 0.0 0.0
Departmental Revenues 
   - Interest Income 86.8 100.0 100.0
Consolidated Transfers 90.8 (315.0) (369.0)
Total Revenues 180.3 (215.0) (269.0)
Total Available 2,335.0 2,120.0 1,854.4
Transfers to Other Funds 0.0 (3.4) (12.8)
Ending Fund Balances 2,335.0 2,123.4 1,867.2

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