MA report expected to reveal historic revenue growth

According to a report expected to be released Friday, Massachusetts revenue grew by about 15 percent in fiscal year 2021, budgeted fund tax revenues jumped up by another 21.5 percent in fiscal year 2022 to $38.587 billion, which was $6.383 billion more than the Baker administration and legislative leaders initially estimated for the year and still $5.925 billion above the administration’s final estimate.  The report is the state’s annual Statutory Basis Financial Report (SBFR), a comprehensive document accounting for nearly all aspects of the state’s finances.  With simply revenues minus expenditures, the state realized an operating gain in FY 2022 of $6.1 billion in budgeted funds (on top of a gain of $7.8 billion the year prior).  The year ended June 30 with a consolidated net surplus of $4.812 billion.  Also, the state’s Stabilization Fund grew during fiscal year 2022 from about $4.626 billion on July 1, 2021 to more than $6.937 billion on June 30, 2022 — growth of $2.311 billion or about 50 percent.  The SBFR is due from the comptroller’s office each year by Oct. 31, but this is the sixth consecutive year in which it has been filed late.

MeganS
MeganS
Responsabilities: - Financials - Social Media Director - Manage convention sponsorships, vendors & totes for annual MFA convention - Administration of New England Food Foundation financials, events & communications.
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