Tuesday, July 19, 2022
House and Senate Unanimously Adopt New State Budget For Fiscal 2023
The Massachusetts Legislature yesterday passed a $52.7 billion budget for Fiscal Year 2023. This budget makes targeted investments to strengthen the state’s economic foundation, protect the most vulnerable residents, and support the needs of communities and families in the Commonwealth. The budget reflected by this conference committee report turns robust state revenues into investments in important priorities such as Local Aid, increased K-12 educational spending, and mental health services. Beyond those spending items, it also builds a solid foundation for the future by increasing the stabilization fund to more than $7 million, addressing our unfunded pension liability, and creating reserves that could be critical in the event our state must confront an economic downturn. With this conference committee report accepted, we must now return our attention to relief for the taxpayers of our Commonwealth.
If you would like to read the approved budget that was sent to Governor Baker for his further actions click this link: https://malegislature.gov/Budget/ConferenceCommittee