TO: His Excellency Deval L. Patrick, Governor
The House Committee on Ways and Means
The Senate Committee on Ways and Means
The Joint Committee on Revenue
In accordance with the Massachusetts General Laws, Chapter 29, Section 5B, here is the Executive Office for Administration and Finance's estimate regarding available budgeted fund revenue for Fiscal Year 2010. Based on available data on revenues and economic trends, the revised tax revenue forecast for Fiscal Year 2010 is $18.460 billion. This represents an increase of $181 million from the October 15, 2009 forecast of $18.279 billion.
This revision is based in part upon year-to-date above benchmark performance relative to the $18.279 billion benchmark. December marks the third consecutive month of above-benchmark tax collections and while we will continue to closely monitor revenue collections the year-to-date performance offers further evidence that our economy is recovering.
In accord with previously released figures, the revenue estimates exclude amounts earmarked for the Convention Center, but include off-budget allocations to MBTA forward funding, pension obligations, and school building assistance payments. The estimates also exclude new cigarette tax revenues dedicated to the off-budget Commonwealth Care Trust Fund.