Governor Maura T. Healey signed the FY25 budget in part on July 29, 2024 after the Legislature sent a final budget to the Governor’s desk on July 19, 2024. Under the Massachusetts Constitution, the Governor may approve or veto the entire budget, veto or reduce specific line items, veto outside sections or submit changes as an amendment to the budget for further consideration by the Legislature. Governor Healey’s budget signing included vetoed and amended language, which you can find in her letter to the Legislature.
The Commonwealth’s Fiscal Year 2025 budget runs from July 1, 2024 to June 30, 2025 and serves as an important legislative vehicle to fund state programs and services, local initiatives, and important policy priorities.
The FY25 budget recommends a total of $58 billion in spending, a $2 billion increase over the Fiscal Year 2024 (FY24) General Appropriations Act (GAA). This 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.
As the Commonwealth adjusts to a changing economic landscape and ongoing tax revenue volatility, the FY25 budget adheres to disciplined and responsible fiscal stewardship. It does not raise taxes, nor does it draw down available reserves from the stabilization fund or the transitional escrow fund, while at the same time judicially utilizing one-time resources to maintain balance. The FY25 budget continues responsible and sustainable fiscal planning for the future by continuing to grow the Rainy Day Fund, already at a historic high of over $8 billion, to an anticipated balance of roughly $9 billion at the close of FY25.
Governor Healey released her proposed FY25 budget in January and the House of Representatives passed a proposed FY25 budget in late April. The Senate took up and passed a proposed FY25 Budget in late May 2024. To view these proposals, visit the Massachusetts Budget Tracker.
Final Budget Information (August 2024)
Press Release: Legislature Passes Fiscal Year 2025 Budget
Governor Healey’s FY25 Budget Letter – July 29, 2024
FY25 Budget as Enacted by the Legislature and sent to Governor Healey
Senate FY25 Budget Information (May 2024)
Senate FY25 Budget Debate Livestream and Recordings
Press Release: Senate Ways and Means Releases Fiscal Year 2025 Budget Recommendations
Full Senate Ways and Means FY25 Budget Proposal (S.4)
Senate Ways and Means FY25 Budget Proposal Executive Summary
FY25 Senate Budget Local Funding for the 4th Middlesex District (Arlington, Billerica, Burlington, Lexington, Woburn)
Local Project Funding
The below images show projects in the 4th Middlesex district that were designated to receive a combined $2 million in state appropriations in the FY25 Senate Budget through Senator Friedman’s advocacy.
