July 07, 2022
PUBLIC FINANCE > Budget > FY 2022

Massachusetts Taxpayers Foundation estimates “historic” budget surplus of $3.6 billion

Colin Young ,

State House News Service / Fall River Reporter

The Department of Revenue is still counting, but the budget watchers at the Massachusetts Taxpayers Foundation expect that the Legislature will have a surplus of $3.6 billion when the final accounting of the fiscal year that ended last week is complete.

Through May, the state had collected $36.969 billion in tax revenue for fiscal year 2022 — $2.666 billion or 7.8 percent ahead of expectations. Combined with two upgrades the executive branch made during the budget year, MTF said Massachusetts is $5.932 billion ahead of benchmark. But that’s not the anticipated surplus. Supplemental spending has wiped out about $1.6 billion of the overage, about $1.2 billion in above-benchmark capital gains will be statutorily bound for reserves and more than $250 million is due to the School Building Authority and MBTA.