Thursday, May 10, 2018
Today, the Senate Ways and Means Committee released its budget recommendations for Fiscal Year 2019 which begins July 1st. The proposal would bring the overall level of spending to $41.42 Billion in spending, a 3% increase more than Fiscal Year 2018.
In January, following the Consensus Revenue process, which included economists, members of the Legislature and members of the Baker-Polito administration, an estimate of revenue available for next fiscal year was determined. The FY 2019 state budget will rely on a projected $933 Million increase in tax revenue for FY 2019. This represents a 3.5% increase over last year. To read the bill, click this link: https://malegislature.gov/Budget/FY2019/SenateWaysMeansBudget/Ways_Means_Final_Budget