Bill > S1936

This bill modifies the existing law regarding how excess revenue is distributed across various state funds. Specifically, it changes the percentage allocations from the current distribution of 90% to the Commonwealth Stabilization Fund, 5% to the State Retiree Benefits Trust Fund, and 5% to the Commonwealth's Pension Liability Fund, to a new distribution of 70% to the Commonwealth Stabilization Fund, 10% to the State Retiree Benefits Trust Fund, 10% to the Commonwealth's Pension Liability Fund, and adds a new 10% allocation to the Disaster Relief and Resiliency Trust Fund. The Disaster Relief and Resiliency Trust Fund is a newly established fund (created by section 58 of chapter 140 of the acts of 2024) designed to help the state prepare for and respond to disaster events. By allocating a portion of excess state revenue to this fund, the bill aims to build financial resources specifically earmarked for disaster preparedness, response, and recovery efforts, which can help the state more effectively manage and mitigate the impacts of potential future disasters.

Budget and Finance

https://malegislature.gov/Bills/194/S1936