Page 10 THE EVERETT ADVOCATE – Friday, August 2, 2019 BUDGET | FROM PAGE 6 Fund,” said Administration and Finance Secretary Michael J. Heffernan. “These efforts continue to pay off, and along with a strong Massachusetts economy are now enabling major investments in priority areas, including education and transportation.” The FY20 budget represents an approximately 3.3% increase in spending over estimated spending in FY19. The total $43.321 billion in spending excludes certain trust fund transfers. The budget includes $1.1 billion in unrestricted local aid for cities and towns, up $183 million since FY15. The Administration also announced that the transfer of certain FY19 capital gains taxes to the Stabilization Fund has brought the current balance of the fund to $2.8 billion, the highest balance ever. The FY20 budget anticipates a further $476 million net increase in the Stabilization Fund – estimated J& • Reliable Mowing Service • Spring & Fall Cleanups • Mulch & Edging • Sod or Seed Lawns • Shrub Planting & Trimming • Water & Sewer Repairs Joe Pierotti, Jr. Award-Winning Landscaping Servicing the North Shore for over 38 Years to bring the balance to nearly $3.3 billion by the end of FY20 – triple the balance of when the Administration took office and representing more than 10% of tax revenue, an important protection against any future disruption in the economy. The budget plan also supports a further drop in the Part B income tax rate to 5% on January 1, 2020, the third income tax reduction since the start of the Administration, returning approximately $90 million to taxpayers in FY20. S LANDSCAPE & MASONRY CO. Masonry - Asphalt • Brick or Block Steps • Brick or Block Walls • Concrete or Brick Paver Patios & Walkways • Brick Re-Pointing • Asphalt Paving www.JandSlandscape-masonry.com • Senior Discount • Free Estimates • Licensed & Insured 617-389-1490 Designing and Constructing Ideas that are “Grounds for Success” Landscaping The FY20 budget assumes $406 million growth in state tax revenue over preliminary actual FY19 tax revenue, for a total of $30.1 billion, representing a tax revenue growth estimate of 1.4 percent. This growth rate assumes continued economic growth offset by declines in corporate taxes as well as capital gains taxes. Both these categories are historically volatile and experienced extraordinarily high collections in FY19, and the FY20 budget prudently assumes these collections will not repeat. The FY20 budget also includes a change that will significantly reduce health-care costs for thousands of low-income seniors. Included in the Administration’s House 1 budget proposal in January, the change will expand the income eligibility for the Medicare Savings Program to provide assistance to approximately 40,000 low-income seniors. A state investment of $7 million annually ($4 million in FY20) is expected to leverage more than $100 million in Medicare prescription drug subsidies accruing directly to older consumers. The budget also fulfills the Administration’s promise to end the temporary, enhanced Employer Medical Assistance Contribution (EMAC) at the end of calendar year 2019. The budget builds on the Commonwealth’s progress in addressing the opioid epidemic by increasing investments in substance misuse– prevention and treatment to a total of $246 million across several state agencies. Since FY15 the Administration has doubled the Commonwealth’s investment in substance misuse programs and services. Also included is the Administration’s proposal to require online marketplace facilitators to collect and remit tax on sales to Massachusetts customers on behalf of vendors who sell products on their online marketplace platforms, streamlining the revenue collection process and leveling the playing field for Massachusetts “Main Street” retailers. The budget supports a total of $20.3 million to implement the recommendations of the Administration’s Black Advisory Commission and Latino Advisory Commission, including funding to develop and expand college and career pathways for high school students through the Science, Technology, Engineering, and Math (STEM) Pipeline and Early College programs, to expand targeted workforce development programs for Black and Latino youths and to improve and expand English for Speakers of Other Languages (ESOL) programs. It also includes a significant increase in support for Massachusetts residents who need housing or shelter, including $179 million in emergency assistance funding to provide shelter to homeless families, $110 million for the Massachusetts Rental Voucher Program (MRVP), $72 million for Local Housing Authorities (LHAs) and $4 million to increase the number of Americans with Disabilities Act (ADA)–accessible units within the homeless shelter system. As part of the budget-signing, Baker signed 99 outside sections and returned nine to the Legislature with proposed amendments. Key FY20 Budget Highlights Education • A total of $1.1 B in funding for the University of Massachusetts, state universities and community colleges • $106 M for scholarship assistance BUDGET | SEE PAGE 12 NOW BOOKING NEW CUSTOMERS! DON’T WAIT! 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