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FY 2020 Stabilization Fund Deposit

SECTION 60.   (a) For fiscal year 2020, to the extent funds are available, the comptroller may:

(1) Transfer $224,500,000, or such larger amount as may be required, to the Commonwealth Stabilization Fund established in section 2H of chapter 29 of the General Laws, in the manner described in section 5G of said section 29; and

(2) Transfer $11,200,000 of the amount transferred to the State Retiree Benefits Trust Fund, and transfer $11,200,000 of the amount transferred to the Commonwealth's Pension Liability Fund, each as specified in the third paragraph of said section 5G of said chapter 29;

(3) The total deposit to the Commonwealth Stabilization Fund under this subsection (a) is expected to be $202,100,000.

(b) In addition, the following activities and events are expected to result in the amounts set forth below being deposited in the Commonwealth Stabilization Fund:

(1) $28,500,000 from sales tax modernization pursuant to sections 25, 26 and 62;

(2) $21,500,000 from gaming revenues, as provided in clause (f) of paragraph (2) of section 59 of chapter 23K of the General Laws; and

(3) $44,600,000 from other sources.

(c) The total deposit made as a result of the actions described in subsections (a) and (b) of this section is expected to be $296,700,000.

This section describes the anticipated effect of transfers to the Stabilization Fund under Section 5G of Chapter 29 of the General Laws and that the other transfers required in that section (5% of the total transfer to OPEB, 5% of the total transfer to pension liability) will then be made from that transfer. It also describes the anticipated impact of the transfers and events that are anticipated in this legislation.