Senate Includes $30M in State Surplus Funds for CPA in FY24 Budget
Today, the MA Senate made a final vote on its version of the FY24 state budget, and we are thrilled that it includes an amendment to support the CPA Trust Fund. During the budget debate earlier this week, Senator Cynthia Stone Creem’s budget amendment #66, “Community Preservation Trust Fund,” was adopted - this legislation would allocate up to $30 million in state budget surplus funds in time for this November’s statewide CPA Trust Fund distribution.
The Legislature has a decade-long tradition of supporting CPA municipalities with surplus funding, but the funding is more important than ever this year. Due to rising interest rates and fewer home sales, revenue for the CPA Trust Fund has fallen by over 33% compared to this time last year. And while there is still time for collections to improve in the coming months, a transfer of $30 million in state budget surplus funds is the best way to ensure that CPA communities across the state receive a healthy distribution in November.
We are extremely grateful for the support of longtime CPA champion Senator Creem who filed this amendment, as well as Ways & Means Chair Michael Rodrigues, Vice Chair Cindy Friedman, Assistant Vice-Chair Jo Comerford, Senate President Karen Spilka, and the 13 members of the Senate who signed on as co-sponsors.
What is the next step for this legislation?
Now that the Senate has completed its budget, a six-member conference committee will be charged with reconciling the differences between the House and Senate proposals - this process typically begins in June. The Coalition will advocate with the conference committee to ensure that the final budget includes funding for CPA, and once the Committee completes its work, the budget will then head to the desk of Governor Healey for her signature.
What was included in the Senate budget amendment for CPA?
Amendment 66: Community Preservation Trust Fund
Ms. Creem, Messrs. Eldridge, Keenan, Cronin, O'Connor, Mark, Gomez, Timilty, Payano, Feeney and Montigny, Ms. Rausch, Mr. Cyr and Ms. Jehlen moved that the proposed new text be amended by inserting after section X the following section:-
“SECTION X. Notwithstanding any general or special law to the contrary, prior to transferring the consolidated net surplus in the budgetary funds for fiscal year 2023 to the Commonwealth Stabilization Fund pursuant to section 5C of chapter 29 of the General Laws, the comptroller shall transfer $30,000,000 to the Massachusetts Community Preservation Trust Fund established in section 9 of chapter 44B of the General Laws.”