Page 4 THE REVERE ADVOCATE – FRIDAY, AUGUST 2, 2024 MASS HOUSE | FROM Page 3 ters regional equity,” said Senator Michael J. Rodrigues (DWestport), Chair of the Senate Committee on Ways and Means. “The FY25 budget specifi cally makes targeted investments collectively in education, transportation, local aid, health care, housing assistance, and workforce development, while shaping an aff ordable and fi scally sustainable path for the Commonwealth. Thank you to my Senate and House conferees, and House Ways and Means Chair Aaron Michlewitz for his determination, resolve, and partnership to get the job done and produce a responsible budget we can all be proud of. I also thank all my colleagues in the Senate, whose advocacy, collaboration, and dedication helped to inform and shape this comprehensive budget plan. A special thank you to the Ways and Means staff , whose diligent work over the last several months was largely responsible for producing this budget, their tireless eff orts do not ever go unnoticed.” “The $58.1 Billion Fiscal Year 2025 conference committee report is truly a refl ection of the best and most critical initiatives that were contained in the various budget proposals that have been presented this year. Whether it is greater investments into programs like housing stability, food security, or early education the initiatives contained in this budget are a refl ection of our shared values,” said Representative Aaron Michlewitz, Chair of the House Committee on Ways & Means (D-Boston). “By reinvesting in the people of the Commonwealth we will continue to assist those in need while making our economy more competitive and equitable for years to come. I want to thank Speaker Mariano for his leadership during this budget process, as well as my fellow House conferees, Representative Ferrante and Representative Smola. I also want to thank my counterparts in the Senate, specifi cally my co-chair Senator Rodrigues, for their partnership in bringing this proposal over the fi nish line.” “I want to thank Speaker Mariano and Chairman Michlewitz for their leadership during this year’s budget process. I am RON’S OIL Call For PRICE MELROSE, MA 02176 NEW CUSTOMER’S WELCOME ACCEPTING VISA, MASTERCARD & DISCOVER (781) 397-1930 OR (781) 662-8884 100 GALLON MINIMUM proud of the fi nal budget, as it is fi scally responsible and makes key investments in transportation and affordable healthcare,” said Representative Giannino (D-Revere). “I am happy to have secured vital funding for the City of Revere in several important areas including educational programs, public safety, and repairs to our aging infrastructure that support our youth and seniors. I am thankful for the partnership and advocacy of Representative Turco and Senator Edwards in bringing this funding home.” “The FY25 budget is a values statement. I am honored to have supported a budget that contains the largest investment in our educational system in the Commonwealth’s history. In addition, working with my colleague, Rep. Giannino, the final budget contains significant funding for important programs in Revere. This budget confi rms that teamwork benefi ts Revere,” said Representative Jeff rey Rosario Turco (D. Winthrop). “This FY25 budget is a testament to our commitment to equity and opportunity for all residents of Massachusetts. With unprecedented investments in education, transportation, and health care, we are laying the foundation for a more inclusive and prosperous future. I am particularly proud of the provisions that address regional disparities and enhance access to quality public education from early childcare through community college, and water transportation for our constituents. Ensuring that every resident has the tools they need to succeed is paramount. I am grateful to my colleagues in the Legislature, especially Rep. Giannino and Rep. Turco, for their dedication, collaborative spirit, and partnership in crafting a budget that truly refl ects the values and needs of our diverse Commonwealth,” said Senator Lydia Edwards (D-Boston). The FY25 budget recommends a total of $58 billion in spending, a $2 billion increase over the Fiscal Year 2024 (FY24) General Appropriations Act (GAA). This spending recommendation is based on a tax revenue estimate of $41.5 billion for FY25, which is $208 million less than revenues assumed in the FY24 GAA. This represents nearly fl at growth, as agreed upon during the consensus revenue process in January, plus $1.3 billion in revenue generated from the Fair Share surtax. As the Commonwealth adjusts to a changing economic landscape and ongoing tax revenue volatility, the FY25 budget adheres to disciplined and responsible fi scal stewardship. It does not raise taxes, nor does it draw down available reserves from the stabilization fund or the transitional escrow fund, while at the same time judicially utilizing one-time resources to maintain balance. The FY25 budget continues responsible and sustainable fi scal planning for the future by continuing to grow the Rainy Day Fund, already at a historic high of over $8 billion, to an anticipated balance of roughly $9 billion at the close of FY25. Fair Share Investments to Grow Our Economy Consistent with the consensus revenue agreement reached with the HealeyDriscoll Administration in January, the FY25 budget includes $1.3 billion in revenues generated from the Fair Share surtax of four percent on annual income above $1 million and invests these public dollars to improve the state’s education and transportation sectors. Notable Fair Share education and transportation investment highlights include: Education: 59% of Fair Share Revenues • $170 million to fully fund universal free school meals programming for every public-school student in the Commonwealth. • $175 million for the Commonwealth Cares for Children (C3) program to provide monthly grants to early education and care programs, which is matched with $300 million in funds from the new Early Education and Care Operational Grant Fund and the High-Quality Early Education and Care Aff ordability Fund for a total investment of $475 million. • $117.5 million for MassEducate to provide free community college across the Commonwealth. • $80 million to expand fi nancial aid programs for in-state students attending state universities through MASSGrant Plus, which is in addition to the $175.9 million for scholarships funded through the General Fund. • $65 million for early education and care provider rate increases, to increase salaries for our early educators. • $20 million for early literacy initiatives. • $14 million for grants to State Universities to provide wraparound supports and services. • $5 million for the CPPI PreK Initiative, matching $17.5 million in funds from the general fund, for a total of $22.5 million to support the expansion of universal prekindergarten, including in Gateway Cities. Transportation: 41% of Fair Share Revenues • $250 million for the Commonwealth Transportation Fund (CTF), which will leverage additional borrowing capacity of the CTF and increase investments in transportation infrastructure by $1.1 billion over the next 5 years. This $250 million includes: MASS HOUSE | SEE Page 8
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