2006 Massachusetts Code - Chapter 29 — Section 5C. Comptroller\'s certification and disposition of consolidated net surplus.

Section 5C. The comptroller shall annually, on or before October 31, certify to the commissioner of administration the amount of the consolidated net surplus in the budgetary funds at the close of the preceding fiscal year. The amounts so certified shall be disposed as follows:

(a) an amount equal to 1/2 of 1 per cent of the total revenue from taxes in the preceding fiscal year shall be available to be used as revenue for the current fiscal year and 1/2 of 1 per cent of the total revenue from taxes in the preceding fiscal year shall be transferred to the Stabilization Fund.

(b) any remaining amount of such consolidated net surplus after amounts made available in clause (a) shall be transferred to the Stabilization Fund; and

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