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Budget Summary FY2010

Outside Section 133
Data Current as of:  1/26/2010

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Transfer to Massachusetts Life Sciences Fund

SECTION 133.   **Item was returned for amendment (Attachment O) Updated as Ch. 56 of the Acts of 2009

(a) Notwithstanding any general or special law to the contrary, after complying with clause (a) of 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 2009 as follows: (i) the comptroller shall transfer $10,000,000 from the General Fund to the Massachusetts Life Sciences Investment Fund established by section 6 of chapter 23I of the General Laws; and (ii) the remaining balance shall be transferred from the General Fund to the Stabilization Fund.

(b) Notwithstanding any general or special law to the contrary, the total administrative and operational expenses of the Massachusetts Life Sciences Center established in section 3 of said chapter 23I shall not exceed $3,000,000 for fiscal year 2010; provided, however, that said center shall report on the center's annual operating expenses including, but not limited to: payroll costs, contracted personnel costs, consultant costs, travel costs, pension and insurance costs, office related expenses, lease costs, facility operating expenses, energy costs and costs of equipment leases and maintenance. Said center shall file a report with the clerks of the house of representatives and the senate, who shall forward the same to the house and senate committees on ways and means and the joint committee on economic development and emerging technologies on or before February 28, 2010.

(c) All transfers specified in this section shall be made from the undesignated fund balances in the budgetary funds proportionally from the undesignated fund balances, provided that no such transfer shall cause a deficit in any of the funds.