Budget Cycle

Governor Submits Budget
January (4th Wednesday)

Fiscal Year Begins
July 1 

Governor Signs Budget 

Budget Links

FY2024 (proposed)
FY2023 (enacted)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)
FY2019 (enacted)

Proposed Budget - Fiscal Year 2024

On March 1, Massachusetts Governor Maura Healey introduced her fiscal 2024 budget recommendation. The budget recommends gross spending in fiscal 2024 of $55.5 billion, a 4.1 percent increase over fiscal 2023. The budget is based on a consensus tax revenue estimate of $40.4 billion (a 1.6 percent increase over fiscal 2023 estimated revenues), $1 billion in estimated revenue from the new Fair Share Amendment surtax, and $23.7 billion in non-tax revenue. After transfers out (including for a $4.1 billion required contribution to the state pension system) and proposed tax initiatives, the budget estimates total available fiscal 2024 revenue of $56.0 billion (including $51.6 billion in general fund revenue). The state’s Stabilization Fund (rainy day fund) is projected to end fiscal 2024 at $8.96 billion.

Proposed Budget Highlights 

The governor’s budget makes historic investments in priorities including climate action, public education, transportation, and workforce development. The budget also outlines planned uses of Fair Share revenue, including the creation of a new Education and Transportation Fund. Accompanying the budget, the administration filed a tax relief package as well as legislation to create a new Executive Office of Housing and Livable Communities.

Fair Share

  • Establishes a new Education and Transportation Fund to collect all revenues from the new Fair Share Amendment surtax of 4 percent on income above $1 million, which was approved by voters in November 2022
  • Proposes $510 million in education uses and $490 million in transportation uses of the estimated $1 billion in revenue in fiscal 2024


Tax Relief Package

  • Net cost of total package is estimated at $742 million for fiscal 2024, which includes:
    • New Child and Family Tax Credit that would provide $600 credit per dependent
    • Increase rental deduction cap from $3,000 to $4,000
    • Double the maximum Senior Circuit Breaker Credit for low-income seniors with high property taxes or rent
    • Reduce short-term capital gains tax from 12 percent to 5 percent
    • Provide estate tax relief with a new credit
    • A variety of additional tax reforms totaling $17 million


Local Aid (including K-12 Education)

  • Fully funds third-year implementation of the Student Opportunity Act, with a 9.8 percent increase in Chapter 70 education funding
  • $24.6 million (2 percent) increase in unrestricted general government aid
  • $63 million (14 percent) increase in Special Education Circuit Breaker funding to support out-of-district transportation cost reimbursement


Climate Action

  • $105 million (24 percent) increase in the Executive Office of Energy & Environmental Affairs
  • Dedicated funding for clean energy, environmental justice, workforce training and safety


Housing and Homelessness

  • Creates a new Executive Office of Housing and Livable Communities
  • $324.1 million to expand family shelters (48 percent increase), as well as provide a 7 percent increase to providers to improving staffing
  • $110.8 million for shelters for homeless individuals
  • $42.1 million for HomeBASE to connect families with permanent housing alternatives
  • $1.5 million for Economic Mobility program, modeled after federal Family Self-Sufficiency program


Early Education

  • $475 million to fully support continuation of Commonwealth Cares for Children (C3) grants to stabilize the early education and care system, build capacity and increase pay
  • $30 million for initiative to increase preschool enrollment
  • $25 to reduce child care financial assistance waitlist
  • $10 million for career pathways program for early educators


Higher Education

  • Total funding of $1.98 billion, including investments from Fair Share revenue
  • $20 million to establish MassReconnect, providing free community college to adult students to pursue training in high-demand fields
  • $93 million increase in MASSGrant Plus financial aid program
  • $59 million for new reserve to fund four-year tuition lock and mandatory fee lock
  • Additional funds for deferred maintenance, community college SUCCESS grants, and diversity, equity and inclusion initiatives at institutions
  • 3 percent increase to base funding for each segment of higher education system 

Economic, Labor and Workforce Development

  • Expands successful workforce development initiatives and introduces new programs to connect residents with well-paying jobs
  • Invests in building skilled worker pipeline, especially in high-demand fields facing shortages such as health care, transportation and technology



  • Health and Human Services: 3 percent increase for overall agency spending
  • Medicaid: Makes targeted investments in MassHealth program such as increasing day program base rates and $80 million for behavioral health providers
  • Transportation: Uses Fair Share revenue to invest in highway and transit infrastructure
  • Public Safety: Increased funds for law enforcement training
  • Veterans: Establishes Veterans’ Services secretariat
  • Technology: $9.2 million in new cybersecurity spending and other investments