On Tuesday, May 10 the Senate released its $49.68 billion version of the state FY ’22 budget proposal for the fiscal year that begins July 1. The Senate budget begins at less than the $49.73 billion budget version passed by the House last month, which added millions through the amendment process. It represents a $2.07 billion increase over this fiscal year’s budget, and proposes to spend $1.45 billion more than the budget Gov. Charlie Baker filed in January. The Senate’s bill also earmarks funding to bring the balance of the state’s stabilization fund to $6.74 billion by the end of fiscal 2023, higher than the $6.55 billion envisioned in the House’s plan. Both targets are above the recommended standard of having 10% in reserve funds of your fiscal state budget for emergencies. The Senate wants to ensure that the state’s “rainy day fund’s balance “rises to a point that will sustain the state through the next recession. Amendments to the proposal are due by Friday, May 13.
