(BOSTON– 5/10/22) The Senate Committee on Ways and Means on Tuesday announced a $49.68 billion budget for Fiscal Year 2023 (FY23). A fiscally responsible and forward-looking plan, the Committee’s budget seeks to ensure the long-term economic health of the Commonwealth through increased investments in areas such as education, health care and housing so that Massachusetts residents can continue to move forward together. Above all, the proposal is intentional and targeted in its approach to providing support to those who continue to face challenges brought on by the global pandemic and ongoing financial uncertainty.
“The FY23 budget introduced today by the Senate continues our dedication to investing in the people of the Commonwealth,” said Senator Cindy F. Friedman (D-Arlington), Vice Chair of the Senate Committee on Ways and Means. “Extraordinary events have occurred during the past few years that have upended the lives of too many. This budget continues to prioritize essential government services and programs, including early childhood and education programming and healthcare services, as Massachusetts continues to recover from the pandemic.”
The Committee’s budget recommends a total of $49.68 billion in spending, a $2.07 billion increase over the Fiscal Year 2022 (FY22) General Appropriations Act. This spending recommendation is based on a tax revenue estimate of $36.915 billion for FY 2023, representing 2.7 per cent growth, as previously agreed upon during the consensus revenue process in January. With tax revenue collections exceeding expectations, the Committee’s FY 2023 budget avoids the use of one-time resources, helping to ensure that the Commonwealth continues to responsibly grow healthy reserves, address immediate needs and weather future uncertainty.… Read more.