Outside Section 31

Stabilization Fund Transfer

SECTION 31.   (a) Notwithstanding any general or special law to the contrary, the comptroller shall, on or before June 30, 2011, transfer $175,000,000 to the General Fund from the Commonwealth Stabilization Fund, but the comptroller shall instead transfer a lesser amount if the secretary of administration and finance so requests in writing. The comptroller, in consultation with the secretary of administration and finance, may take the overall cash flow needs of the commonwealth into consideration in determining the timing of any transfer of funds. The comptroller shall provide a schedule of transfers to the secretary of administration and finance and to the house and senate committees on ways and means.

(b) Notwithstanding any general or special law to the contrary, during fiscal year 2011 the comptroller shall not transfer 0.5 per cent of the total revenue from taxes in the preceding fiscal year to the Commonwealth Stabilization Fund, as otherwise required by clause (a) of section 5C of chapter 29 of the General Laws.
 
 

Summary:
This section transfers $175 million to the General Fund from the Commonwealth Stabilization Fund, but allows the Secretary of Administration and Finance to reduce the amount transferred. It also cancels for fiscal year 2011 the automatic deposit into the Stabilization Fund of 0.5 percent of total tax revenue.