Massachusetts General Laws ch. 23K sec. 64 – Education Fund
Section 64. There shall be established and set up on the books of the commonwealth a fund to be known as the Education Fund. The fund shall be credited any monies transferred under section 59 and all monies credited to or transferred to the fund from any other fund or source. Expenditures from the fund shall be subject to appropriation; provided, however, that 35 per cent of the funds received shall be appropriated for the purposes of higher education to supplement, not offset, any reduction in the general appropriation act from the previous fiscal year; and provided further, that any expenditures from the fund for K–12 education shall be used to supplement, and not offset, any reduction in line-item 7061–0008 of the general appropriation act from the previous fiscal year’s general appropriation act.
Terms Used In Massachusetts General Laws ch. 23K sec. 64
- 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.