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$10 Million for The CPA Trust Fund

Posted on: May 3, 2018 - 2:00pm

July 8, 2015: Late Tuesday night, the legislative committee charged with reconciling the differences between the House and Senate versions of the FY16 budget filed their report appropriating $38.14 billion in state spending. Responding to calls from CPA advocates across the state, the committee has approved $10 million from the state's budget surplus to be transferred to the Massachusetts Community Preservation Trust Fund. Legislators in both branches approved the budget on Wednesday, and Governor Baker now has 10 days to sign it into law.

We are extremely grateful for the support of the budget Conference Committee, led by House Committee on Ways and Means Chair Brian Dempsey and Senate Chair Karen Spilka, as well as longtime CPA sponsor Representative Stephen Kulik, Senator Vinny deMacedo, Senator Sal DiDomenico and Representative Todd Smola.

The full text of the CPA funding provision in the state budget is as follows:

SECTION 194. Notwithstanding any general or special law to the contrary, prior to transferring the consolidated net surplus in the budgetary funds to the Commonwealth Stabilization Fund under 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 2015 as follows: (i) transfer ½ of the surplus, not to exceed $10,000,000, to the Massachusetts Community Preservation Trust Fund established in section 9 of chapter 44B of the General Laws; and (ii) transfer ½ of the surplus, not to exceed $10,000,000, to the Massachusetts Life Sciences Investment Fund established in section 6 of chapter 23I of the General Laws.

CPA Trust Fund Update

There are still many factors that will determine how this provision will affect the percentage match CPA communities will receive this coming November 15th. First, there has to be a big enough state budget surplus to allow for the $10 million transfer. Projections are indicating that there are likely to be sufficient funds in the surplus, although the final determination won't be made until the state closes its books on the fiscal year on October 31st.

At that time, the $10 million will be added to the revenue from collections at the state's Registries of Deeds, and the entire balance will be distributed to CPA communities on November 15th. Without these surplus funds, it's certain that the distribution will be at a record low level.