The Legislature’s Fiscal Year (FY) 2023 budget released earlier this week by the Conference Committee differs dramatically from both the House and Senate proposals in part because of its larger bottom line, which estimates tax collections of $39.58 billion, an increase of $2.66 billion or 7.2 percent.
After debate and quick consideration of more than 1,000 amendments, the Senate increased their Fiscal Year (FY) 2023 budget bottom line by more than $90 million. The budget debate has highlighted the power of this $50 billion bill to set the tone and the direction for the state in the year to come.
The Senate Committee on Ways and Means (SWM) released a budget proposal that illustrates again how a state budget can be a powerful tool for advancing equity and improving well-being – as long as policymakers don’t decide to give hundreds of millions of dollars of revenue each year to the wealthiest residents of the Commonwealth.
The House Fiscal Year (FY) 2023 budget reflects many of the challenges the state faces moving out of the most acute phases of the COVID-19 pandemic, but has also taken a first step towards creating a budget that pushes the state towards equity in several important areas.
Compared to the Governor’s budget proposal earlier this year, the HWM budget is an example of what is possible when policymakers choose to focus on important investments in the state’s future rather than on tax cuts for the wealthy.
Governor Baker submitted his last state budget as Governor of the Commonwealth last week, and this Fiscal Year (FY) 2023 budget is not all that it might seem on the surface. The Governor describes this budget as one that “prepares Massachusetts for the future,” but it does not present a bold vision. At a glance, …
The Governor’s 2023 Budget Proposal: Last Chance for a Lasting Legacy Read More »
What is the state budget? The state budget is single largest piece of legislation passed each year. It affects every person in the Commonwealth. It also represents the values and vision for what Massachusetts should be. Massachusetts creates a new state budget every year. The budget is a piece of legislation that goes through a …
1. How will the state generate enough revenue to meet everyone’s needs? Before state lawmakers even begin creating a budget, they need to determine how much money the state will likely collect for that fiscal year. For FY 2022, state leaders now estimate Massachusetts will bring in $30.12 billion in tax revenue, which is a …
As part of implementing the Commonwealth’s new school funding law, the Student Opportunity Act (SOA), the Governor proposed increasing Chapter 70 aid by $303.5 million over current levels in the Fiscal Year (FY) 2021 budget. In this first year, the Governor delivers on one-seventh (14 percent) of the SOA reforms in most areas—special education, health care for educators, social-emotional support, and increments for English Language Learners—keeping those reforms on track for full implementation in seven years. However, not all of the SOA reforms are consistently or equitably phased in by the Governor’s proposal despite this goal being outlined in the law. One critical area that is not on track—increased support for students from low-income families through Low-Income Rates.