Murray wants to invest surplus
Senate President Therese Murray wants to divert a portion of the state's surplus each year to pay for life science research, new technology projects, and housing in an effort to help create and keep jobs in Massachusetts.
In the Senate budget plan, to be unveiled Wednesday, Murray will propose changing a state law that sends all excess cash to reserves so that it reroutes up to $75 million each year to four state funds that invest in technology and housing.
"We've heard over and over again that the obstacle to job growth in Massachusetts is the lack of affordable housing, and we've also heard about the need for investment in our biotech industry," Murray told the Globe. "We're second in the nation with our state fund balance. Let's take a portion and invest it in the economy rather than have it sit there earning a small amount of interest."
The first batch of money could be distributed as early as November if the state ends this fiscal year, June 30, with a large enough surplus, Senate staff members said.
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