Senate Budget Update 2014

May 2XXXX, 2014After three days of marathon sessions, the Massachusetts House of Representatives passed their version of the state budget, including $25 million in funding for CPA. Section 90 of the budget directs that the first $25 million of the FY14 state budget surplus be deposited in the CPA Trust Fund this coming November. The funding would provide a much-needed and significant increase in the trust fund distribution received by CPA communities this year.

We are extremely grateful to all members of House Committee on Ways and Means, led by House Chair Brian Dempsey and Vice Chair Stephen Kulik, and to Minority Leader Brad Jones, for their continued support.

What's the next step?

Much work remains before the budget becomes final. The Senate will release their version of the state budget on May 14th, and we still do not know if it will also include the CPA funding. The Coalition continues to meet with senators from around the state to advocate for the funding. We'll review the Senate budget when it is released and provide an update to all CPA communities that afternoon via our website and email newsletter.

What was included in the House budget for CPA?

SECTION 90. (a) Notwithstanding any general or special law to the contrary, after complying with clause (a) of section 5C of chapter 29 of the General Laws, the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2014 by transferring: (i) $25,000,000 to the Massachusetts Community Preservation Trust Fund, established by section 9 of chapter 44B of the General Laws; (ii) $10,000,000 to the Massachusetts Life Sciences Investment Fund established by section 6 of chapter 23I of the General Laws; (iii) $7,500,000 to the Social Innovation Financing Trust Fund, established by section 35VV of chapter 10 of the General Laws; and (iv) the remaining balance to the Commonwealth Stabilization Fund. (b) All transfers pursuant to this section shall be made from the undesignated fund balances in the budgetary funds proportionally from the undesignated fund balances; provided, however, that no such transfer shall cause a deficit in any of the funds.

Further Resources

>> Read the State House News Service budget coverage