"Budget officials on Friday revised upward their revenue forecast for the current fiscal year by $1.5 billion and then projected the state’s tax take would rise 2.7 percent in the next fiscal year, which begins July 1.
The “consensus revenue” figure of $26.915 billion for fiscal 2023 agreed on by Secretary of Administration and Finance Michael Heffernan, Senate Ways and Means Chair Michael Rodrigues, and House Ways and Means Chair Aaron Michlewitz was toward the middle of the range forecasted by the state Department of Revenue at a hearing last month.
The policymakers were swayed by economists’ predictions of a rise in revenue ($967 million) as society continues to recover from the pandemic. But those same economists, at December’s hearing, warned that there is also significant uncertainty. In the last couple of years, taxes have come in far higher than expected, mainly due to federal recovery efforts injecting large sums of money into the economy, and the state has revised its tax revenue numbers during the course of the year. "
https://commonwealthmagazine.org/state-government/state-budget-writers-forecast-continued-growth-in-tax-revenues/
"The annual budget process begins each year when the Governor files recommendations as a bill with the House of Representatives. Under the state Constitution, the Governor must submit a proposal by the 4th Wednesday of January or, in the event of a new term, within five weeks later. This bill is called House 1 or "House 2" depending on the year." https://malegislature.gov/Budget/GovernorsBudget
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| The golden dome of the State House. (Photo by Andy Metzger) |
