Section 56 Surtax Revenue to CTF and Clarifications 6

Said section 2BBBBBB of said chapter 29, as so inserted, is hereby further amended by striking out subsections (f), (g) and (h) and inserting in place thereof the following 2 subsections:-

(f) Annual expenditures from the fund shall not exceed a spending threshold proposed, less the dedicated transportation income surtax revenue amount, by the governor and enacted by the general court as part of the consensus revenue process pursuant to section 5B. The annual spending threshold shall represent an amount of revenue, less the dedicated transportation income surtax revenue amount, that may reliably be expected to occur in the following fiscal year based on experience to date and the testimony provided at the joint hearing on the economy under said section 5B.

(g) Annually, in consultation with the secretary for administration and finance, as part of the annual statutory basis financial report required pursuant to paragraph (2) of subsection (a) of section 12 of chapter 7A, the comptroller shall certify the amount of funds expended in the prior fiscal year from the fund and designate each expenditure as transportation or education on the basis of the department through which the expenditures were authorized.