Mortgage Relief

HOUSE PASSES SUPPLEMENTAL BUDGET

Bill Provides Funding for Clean Energy, Economic Development, Health Care

BOSTON—State Representative Garrett J. Bradley and his colleagues in the House of Representatives passed a $278.7 million supplemental budget that closes the books on Fiscal Year 2007 and provides approximately $100 million for key economic development initiatives to stimulate emerging industries such as clean energy development and support growth industries such as life sciences and arts and culture.

The bill also provides funding to support affordable and “smart growth” housing development. Reducing the high cost of housing is vital to making the Commonwealth more attractive to potential new businesses looking to ocate within the Bay State.

Representative Bradley stated, “These funds will ensure we end with a balanced budget for fiscal year 2007 as well as complete funding for programs affecting our community.”

• $116.5 million for previously negotiated and ratified collective bargaining agreements;

• $13 million for the Higher Education Endowment Incentive that will allow state schools to leverage private donations;

• $7.8 million to fully fund the “Rosie D” settlement within the Department of Mental Retardation;

The bill also completes an initiative first announced as part of the current state budget which dictates how any surplus might e spent. The year did end with a surplus, estimated to equal approximately $200 million, and according to the supplemental budget, it will be divided as follows:

• $50 million to be deposited into the Commonwealth’s Rainy Day Fund which already has a balance of $2.2 billion.

• $43 million to establish a new Massachusetts Alternative and Clean Energy Fund;