That’s actually a conservative number. According to revenue forecasts prepared by the nonpartisan Massachusetts Taxpayers Foundation, when excluding the surtax takings, the state will end the fiscal year close to $880 million shy of its own revenue predictions.

Tax revenues for Fiscal Year (FY) 2024 and FY 2025 settle into a post-COVID pattern of lower growth as the economy slows, impacts from migration and an aging population emerge (Appendix A), and tax reforms take effect.

Join us for a presentation by MTF President Doug Howgate and Research Director Meaghan Callahan. The briefing will include an update on the FY 2024 closeout supplemental budget and the state of the budget balance, as well as a discussion of some of the significant factors that will continue to impact FY 2025.