On January 24th, the Healey administration filed its budget proposal for Fiscal Year (FY) 2025. The $58.13 billion spending plan is supported by tax, departmental, and federal revenues, as well as the use of trust fund resources built up in recent years.

The revenue foundation for Governor Healey’s budget is the $40.2 billion consensus tax revenue figure agreed to by administration, House, and Senate budget leaders in January. In addition, her budget assumes $14.3 billion in federal reimbursements, $9.3 billion from non-tax departmental revenues, and $565 million in one-time trusts. Within this revenue blueprint resides about $300 million in new revenue initiatives either proposed or assumed in the Governor’s budget.