Monday, December 5, 2022

Fiscal year 2024 budget cycle timeline changes slightly with a new Governor

The Town of Franklin starts the Fiscal Year 2024 budget cycle as soon as the tax rate is set for FY 2023. The budget cycle flowchart is posted on the Town page ->

The assumptions on State aid (Chap 70, etc.) usually come in January with the release of the Governor's Budget. The first year of the legislative 2 year cycle the release is call H1, the second year H2. With a new Governor, the timeline starts later in their first term.
"House 1; House 2
The Governor's budget recommendations for the next fiscal year. According to the Constitution, it must be filed within 3 weeks of the convening of the Legislature in January. Newly-elected governors must file House 1 within 8 weeks. In the second year of a legislative session, the Governor's budget is referred to as House 2."
Incoming Governor Healey is required to release their new budget on or before March 1, 2023.

Last year, we recorded a budget cycle conversation with Comptroller Chris Sandini and Treasurer/Collector Kerri Bertone. We get into the budget cycle and all the ins and outs of the details. The only thing that has changed is during the recording we were talking of the possible AAA rating. Since then, the Town has officially been awarded that. You listen to that discussion here:

Visit the Town Budget page for all the info on the cycle and recent budgets

The State budget terminology listing can be found online ->

The full State budget timeline can be found ->

The FY 2023 & Prior info can be found online ->

Town of Franklin budget cycle
Town of Franklin budget cycle

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