Senate makes historic investments in early education and care and college success, prioritizes regional equity, maintains strong fiscal responsibility
(BOSTON—5/7/2024) The Senate Committee on Ways and Means on Tuesday released a $57.9 billion budget for Fiscal Year 2025 (FY25) that reflects the Senate’s vision of creating a more affordable, equitable, and competitive Massachusetts by investing in residents and communities across every district of the Commonwealth, while continuing to be fiscally responsible and chart a sustainable path forward.
“The Senate’s proposed budget for Fiscal Year 2025 recognizes fiscal restraints the state is facing, while ensuring critical services and programs that our residents rely on each day are upheld,” said Senator Cindy F. Friedman (D-Arlington), Vice Chair of the Senate Committee on Ways and Means. “This budget creates transformational access to higher education, opens avenues to leverage federal funds to support our healthcare system, and makes targeted investments in areas that allows residents to thrive. This fiscally responsible approach taken by the Senate is one the Commonwealth’s residents can be proud of.”
The Committee’s budget recommends a total of $57.9 billion in spending, a $1.8 billion increase over the Fiscal Year 2024 (FY24) General Appropriations Act (GAA). This sensible spending recommendation is based on a tax revenue estimate of $41.5 billion for FY25, which is $208 million less than revenues assumed in the FY24 GAA. This represents nearly flat growth, as agreed upon during the Consensus Revenue process in January, plus $1.3 billion in revenue generated from the Fair Share surtax.… Read more.