Fiscal year 2023 began on July 1st, but policymakers have yet to close the books on FY 2022 which requires disposing of a significant budget surplus. This Brief provides an estimate of the surplus and examines how it fits in to the larger fiscal...

Budget conferees are negotiating spending, revenue and policy differences between the House and Senate proposals in order to present a final budget to Governor Baker for the start of fiscal year 2023. For the second straight year, conferees must also...

The Senate completed budget deliberations this week, finalizing a $49.9 billion budget after three days of deliberations. The Senate adopted 514 of the 1,178 amendments filed by individual Senators. The final Senate budget adds $93.3 million in...

The Senate begins its budget process today, with the release of the Senate Ways and Means proposal. The SWM budget follows a similar script to the House, foregoing a tax relief proposal put forward by Governor Baker and including hundreds of millions...

The House wrapped up its budget deliberations this week, finalizing a $49.8 billion budget, after adding $129.6 million in spending through amendment over the course of 3 days of session.  The House acted on a record number of budget...

The next stage in the fiscal year (FY) 2023 budget begins today with the release of the House Ways and Means (HWM) committee’s budget proposal. Like Governor Baker’s proposal released in January, the HWM budget makes historic investments in K-12...

Governor Baker has put forward a $2.4 billion supplemental budget that uses $1.6 billion of the state’s fiscal year (FY) 2022 anticipated revenue surplus and several federal revenue sources to maintain and expand several COVID-19 related programs,...

Governor Baker’s Budget – Five Things to Know Among the many elements in Governor Baker’s budget, several proposals and assumptions stand out as being particularly notable.  Each of these items will play a significant role in the budget...

Budget leaders from the House, Senate, and Administration have agreed on $36.9 billion as the consensus tax revenue figure for the fiscal year 2023 budget. Budget makers expect tax revenues to grow by $967 million (2.7 percent) over estimated FY 2022...

Massachusetts experienced a startling $4.5 billion surge in tax revenues in FY 2021 representing 15 percent growth in the midst of the pandemic. MTF projects that FY 2022 revenue growth will remain strong, reaching $37.2 billion or $2.9 billion above...