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Middlesex Massachusetts online Form 12509: What You Should Know
Reserve accounts must be maintained by the legislature. · Reserves are used to manage debt levels, provide financing for projects and prevent the loss of state property through foreclosure and/or bankruptcy. The capital reserves account is used to manage the state's capital debt and debt service. All funds within these accounts must be invested in Treasury In Exchange For Securities (TIPS) investments. The use of debt service receipts to finance the capital reserves will only be allowed if debt service payments are reduced to less than 30 per cent of revenues. The bond debt and other debt service must be paid in cash and in non-debt instruments (such as cashier's checks, personal and business check, money orders, cashiers orders, traveler's checks, and bank drafts). • Reserves should not be used as a primary or supplementary fund. However, reserve funds may be used for the general budget if necessary. No state expenditures from the reserves should exceed 50 per cent of the appropriations in that year. • Revenues should be invested in TIPS. The state debt service payment and net investment income (net investment income as of the end of the fiscal year) should be used to pay of debt service. All other state revenues should be used to balance annual budget surpluses or eliminate any remaining shortfalls. Any net surpluses should be used to eliminate shortfalls. • Any revenues from the state treasury other than the bond transactions should be used to pay off debt service. • State tax collections should be considered in balancing the budget. • All revenues not used for paying off debt service should be used for capital spending. Capital spending includes public works, capital improvements, pension contributions, and investments. • All budgets should be balanced. The state's primary budget is set on a year-to-year basis based on the assumption that tax receipts and expenditures will match each other. That assumption has not been proven to be accurate during the past. The annual budget should be adjusted to maintain or improve the financial condition of the Commonwealth. This may require a reduction in general taxes or in expenditures for public works and other capital projects. This is best accomplished through legislation or through a gradual reduction in general taxes and/or budget cuts over five years, or through a combination of both. All of this information is available in the fiscal year 2 Budget Summary. COF MASSACHUSETTS. The Legislature passed a 1.5 billion funding level for Fiscal Year 2014.
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