Agencies involved in oversight and management of the state budget include:
- Comptroller of the Commonwealth: Accounting policies and practices, publication of official financial reports and oversight of fiscal management functions are the responsibility of the Comptroller. The Comptroller also administers the Commonwealth's annual state single audit and manages the state accounting system. The Comptroller is appointed by the Governor for a term coterminous with the Governor's and may be removed by the Governor only for cause. The annual financial reports of the Commonwealth, single audit reports and any rules and regulations promulgated by the Comptroller must be reviewed by an advisory board. This board is chaired by the Secretary of Administration and Finance and includes the State Treasurer, the Attorney General, the State Auditor, the Chief Administrative Justice of the Trial Court and two persons with relevant experience appointed by the Governor for three-year terms. The Commonwealth's audited annual reports include audited financial statements on both the statutory basis of accounting (the Statutory Basis Financial Report, or SBFR) and the GAAP basis (the Comprehensive Annual Financial Report, or CAFR).
- Department of Revenue: Collects tax revenue; implements tax policy. The mission of the Massachusetts Department of Revenue is to achieve maximum compliance with the tax, child support and municipal finance laws of the Commonwealth. In meeting its mission, the Department is dedicated to enforcing these laws in a fair, impartial and consistent manner by providing professional and courteous service to all its customers.
- Executive Office for Administration and Finance (ANF) : Develops budgets, monitors agency spending and revenue collection, and assesses program performance for compliance with budget and administration priorities. The mission of ANF is to ensure the fiscal health of the Commonwealth and optimize state revenue by managing and overseeing the state's operating and capital budgets so that consumers can receive the best state services for the least cost.
- Treasurer and Receiver General: The State Treasurer has four primary statutory responsibilities:
- the collection of all state revenues (other than small amounts of funds held by certain agencies)
- the management of both short-term and long-term investments of Commonwealth funds (other than the state employee and teacher pension funds), including all cash receipts
- the disbursement of Commonwealth monies and oversight of reconciliation of the state's accounts; and
- the issuance of almost all debt obligations of the Commonwealth, including notes, commercial paper and long-term bonds