BOSTON (07/09/2021) – On Friday, July 9, 2021, Senator Cindy F. Friedman (D-Arlington) joined her colleagues in the Massachusetts State Legislature in unanimously passing a $48.07 billion budget for Fiscal Year 2022 (FY22). This budget maintains fiscal responsibility, does not cut services, makes targeted investments to address emerging needs, safeguards the health and wellness of the most vulnerable populations, and ensures residents will benefit equitably as the state recovers from the impacts of the COVID-19 pandemic.
Taking into consideration strong tax revenue performance in FY21, the final FY22 budget increases revenue assumptions by $4.2 billion over the December consensus revenue projection; the new tax revenue projection is now $34.35 billion. As a result, the FY22 budget does not make a withdrawal but instead transfers funds into the Stabilization Fund, projecting an estimated balance of approximately $5.8 billion for this crucial ‘rainy day’ fund at the end of the fiscal year.
“We could not have predicted the onset of the COVID-19 pandemic but over the past 16 months we have done our best to prepare for the future, and I’m proud the FY22 budget continues that work by making robust short- and long-term investments in mental and behavioral health services, education, local health departments, and so much more,” said Senator Friedman, Vice Chair of the Senate Committee on Ways and Means and member of the FY22 Budget Conference Committee. “I sincerely thank Senate President Spilka, Ways and Means Chair Rodrigues, and the rest of my colleagues in the Legislature for their work supporting all residents of the Commonwealth, especially those most in need.”