Section 1A

Section 1A Revenue by Source and Fund

SECTION 1A. In accordance with Articles LXIII and CVII of the Amendments to the Constitution and section 6D of chapter 29 of the General Laws, it is hereby declared that the amounts of revenue set forth in this section by source for the respective funds of the commonwealth for the fiscal year ending June 30, 2024 are necessary and sufficient to provide the means to defray the appropriations from such funds for this fiscal year as set forth and authorized in sections 2, 2B, 2E and 2F. The comptroller shall keep a distinct account of actual receipts from each such source by each such fund to furnish the executive office for administration and finance and the house and senate committees on ways and means with quarterly statements comparing such receipts with the projected receipts set forth in this section and to include a full statement comparing such actual and projected receipts in the annual report for the fiscal year ending June 30, 2024 pursuant to subsection (a) of section 12 of chapter 7A of the General Laws. The quarterly and annual reports shall also include detailed statements of any other sources of revenue for the budgeted funds in addition to those specified in this section.

Fiscal Year 2024 Revenue by Source and Fund (in millions)

Source
All Budgeted Funds
General Fund
Commonwealth Transportation Fund
Other Major Funds 
Other Funds 
Fiscal 2024 Consensus Tax Revenue Estimate Incl. Surtax
41,410
36,895
1,552
167
2,795
Tax Transfers
(8,482)
(5,688)
0
0
(2,794)
Fiscal 2024 Consensus Tax Revenue Available for Budget
32,928
31,208
1,552
167
1
House 1 Tax Initiatives and Other Tax Revenue
(692)
(692)
0
0
0
Total Taxes Available for the Fiscal 2024 Budget
32,236
30,516
1,552
167
1
Non-Tax Revenue Total
23,726
21,061
749
268
1,648
Grand Total
55,962
51,576
2,302
436
1,648
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