May 09, 2023
PUBLIC FINANCE > Budget > FY 2024

Senate Ways and Means FY 2024 Budget

The Fiscal Year (FY) 2024 budget process reached another milestone today with the release of the Senate Committee on Ways and Means (SWM) budget proposal. The $55.9 billion SWM spending plan differs from earlier proposals as it was not released in conjuncture with a tax reform bill. However, the SWM budget does set aside $575 million for the first-year costs of a tax policy bill the Senate plans to take up later this session.

The SWM budget also includes $1 billion in spending supported by income surtax revenues, and creates a structure to collect, track, and spend surtax revenues that largely follows the framework passed by the House. Additionally, to support early education and behavioral health-related investments in FY 2024, the SWM budget relies on $437 million in one-time resources from existing trust funds. These same resources, though available, were not utilized in the House budget to support spending.