| 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. The state plans to access the Stabilization Fund in both fiscal year 2009 and 2010. | |||
| FY08 | FY09 | FY10 | |
|---|---|---|---|
| Beginning Fund Balances | 2,335.0 | 2,119.2 | 1,340.9 |
| Taxes | 2.2 | 0.0 | 0.0 |
| Departmental Revenues | |||
| - Interest Income | 96.9 | 42.8 | 30.0 |
| Consolidated Transfers | (315.0) | (828.0) | (489.0) |
| Total Revenues | (215.9) | (785.2) | (459.0) |
| Total Available | 2,119.1 | 1,334.0 | 881.9 |
| Transfers to Other Funds | 0.0 | (6.9) | (6.1) |
| Ending Fund Balances | 2,119.1 | 1,340.9 | 888.0 |