Massachusetts General Laws ch. 29 sec. 2CCCCCC – Education and Transportation Reserve Fund
[ Text of section added by 2023, 28, Sec. 17 effective January 1, 2023. See 2023, 28, Sec. 105.]
Terms Used In Massachusetts General Laws ch. 29 sec. 2CCCCCC
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Section 2CCCCCC. (a) There shall be established and set up on the books of the commonwealth a separate fund known as the Education and Transportation Reserve Fund. The fund shall be credited with: (i) funds transferred pursuant to subsection (c) of section 2BBBBBB; (ii) appropriations or other money authorized or transferred by the general court and specifically designated to be credited to the fund; (iii) funds from public and private sources, including, but not limited to, gifts, grants and donations; and (iv) any interest earned on the assets of the fund. The balance of the fund shall not exceed 33 per cent of the annual spending threshold set pursuant to subsection (f) of said section 2BBBBBB. Amounts credited to the fund may be expended, subject to appropriation, to offset the unforeseen and dramatic loss of revenues within a fiscal year, after implementing all efficiencies and savings possible, to pay current liabilities of the Education and Transportation Fund established in subsection (b) of said section 2BBBBBB. The account shall not be subject to section 5C.
(b) The comptroller shall certify the balance of the fund at the end of each fiscal year.