From the Massachusetts Municipal Association. NB, the state budget process will likely be slower to unfold this year due to the gubernatorial change –
View this email in your browser  Breaking News from the MMA  State budget writers announce consensus revenue growth forecast of 1.6% for FY24 The state’s budget writers announced yesterday that state tax collections are expected to grow by 1.6% in fiscal 2024 over a recently adjusted projection for fiscal 2023 revenue. Administration and Finance Secretary Matthew Gorzkowicz, Senate Ways and Means Chair Michael Rodrigues and House Ways and Means Chair Aaron Michlewitz announced a consensus state tax revenue forecast of $40.41 billion for the fiscal year that will begin on July 1. The increase does not include an additional $1 billion in projected revenue from the state’s new surtax on annual incomes over $1 million, which was adopted by voters in November. Dispensing funds generated from the surtax will be subject to appropriation, but the ballot measure stipulated that funds must be spent only in areas of transportation and education. Including the surtax, estimated revenue would increase the total budget projection for fiscal 2024 by 4.1% over the adjusted fiscal 2023 revenue estimate.    Copyright © 2023 Massachusetts Municipal Association, All rights reserved. You are receiving this email because you opted in via our website. Our mailing address is: Massachusetts Municipal Association 3 Center Plaza Suite 610 Boston, MA 02108 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list. |
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