The Massachusetts Senate Committee on Ways and Means released the proposed Senate Fiscal Year 2024 (FY24) budget on May 9, 2023 and the Senate will begin debate on the budget on Tuesday, May 23, 2023. The Commonwealth’s Fiscal Year 2024 budget runs from July 1, 2023 to June 30, 2024 and serves as an important legislative vehicle to fund state programs and services, local initiatives, and important policy priorities.
The Senate budget recommends a total of $55.8 billion in spending, a $3.4 billion increase over the Fiscal Year 2023 (FY23) General Appropriations Act. Remaining vigilant about the current fiscal environment, the Senate’s FY24 budget adheres to sound fiscal discipline and builds up available reserves with our Stabilization Fund, which has grown to a record high of $7.16 billion and is projected to close FY24 at $9.07 billion, ensuring we continue to uphold fiscal responsibility during a time of ongoing economic volatility.
The Senate’s FY24 budget also sets aside $575 million to pay for a progressive tax relief package that will center equity and chip away at the headwinds that threaten Massachusetts competitiveness. That tax package will be introduced, discussed and debated in the Senate after we conclude our debate on the FY24 budget.
Governor Healey released her proposed FY24 budget in early March and the House of Representatives passed a proposed FY24 budget in late May. To view either of these proposals, visit the Massachusetts Budget Tracker.
Senate Budget Proposal Information (May 2024)
Full Senate Ways and Means FY24 Budget Proposal (S.3)
Senate Ways and Means FY24 Budget Proposal Executive Summary
Senator Friedman FY24 Budget Opening Floor Speech
Proposed Local Funding for the 4th Middlesex District (Arlington, Billerica, Burlington, Lexington, Woburn)
