State Announces Fiscal Year 2022 Revenue Forecast

HYANNIS – A consensus revenue forecast for Fiscal Year 2022 (FY22) of $30.12 billion was recently announced by state officials. 

Secretary of Administration and Finance Michael Heffernan, Senate Ways and Means Chair Michael Rodrigues and House Ways and Means Chair Aaron Michlewitz issued the announcement.

The forecast represents a 3.5 percent growth in tax revenue over the previous fiscal year, which projected a revenue of $29.09 billion. 

The forecast is the foundation on which Gov. Charlie Baker, the House and the Senate will build their FY22 budget recommendations, said Heffernan in a statement from his office.

“The consensus revenue forecast for Fiscal Year 2022 is consistent with the expert testimony offered in December and importantly accounts for updated revenue trends in the current fiscal year,” said Heffernan in the statement.

“We appreciate the consistent and thoughtful collaboration of our colleagues in the House and Senate Ways and Means Offices, and look forward to developing spending plans for Fiscal Year 2022 which continue to protect essential government services, find critical priorities, and maintain financial discipline and responsibility.”

The forecast was also generated with testimony from the Department of Revenue, the State Treasurer’s Office, the Public Employee Retirement Administration Commission, and independent economists from area foundations and universities.

About Grady Culhane

Grady Culhane is a Cape Cod native currently living in Eastham. He studied media communications at Cape Cod Community College and joined the News Center in 2019.
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