Massachusetts General Laws ch. 10 sec. 35NNN – Twenty-First Century Education Trust Fund
Section 35NNN. (a) There shall be a Twenty-First Century Education Trust Fund that shall be administered by the commissioner of elementary and secondary education in consultation with the Twenty-First Century Education Advisory Council, established in section 16 of chapter 70, for the purpose of addressing persistent disparities in achievement among student subgroups, improving educational opportunities for all students, sharing best practices for improving classroom learning and supporting efficiencies within and across school districts. The fund shall be credited with: (i) appropriations, bond proceeds or other money authorized or transferred by the general court and specifically designated to be credited to the fund; (ii) funds from public and private sources, including, but not limited to gifts, grants and donations; and (iii) any interest earned on such money. Revenues deposited in the fund shall not be subject to further appropriation and any revenues that are unexpended at the end of a fiscal year shall not revert to the General Fund and shall be available for expenditure in the following fiscal year. No expenditure made from the fund shall cause the fund to become deficient at any point.
Terms Used In Massachusetts General Laws ch. 10 sec. 35NNN
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
(b) Annually, not later than December 1, the commissioner shall submit a report detailing expenditures from the trust fund to the clerks of the house of representatives and the senate, the chairs of the house and senate committees on ways and means and the chairs of the joint committee on education.