The Commonwealth of Massachusetts

Executive office for administration & Finance

Senate Committee on Ways & Means

House Committee on Ways & Means

state house l boston, ma 02133

LESLIE A. KIRWAN
Secretary
Executive Office for
Administration & Finance
Contact:
Joe Landolfi
617.727.4025 / SENATOR THERESE MURRAY
Plymouth & Barnstable District
Chairwoman
Senate Committee on Ways & Means
Contact:
Rick Musiol, Chief of Staff
617.722.1481
/ REPRESENTATIVE ROBERT A. DeLEO
19th Suffolk District
Chairman
House Committee on Ways & Means
Contact:
Jim Eisenberg, Chief of Staff
617.722.2700

FOR IMMEDIATE RELEASE January 30, 2007

KIRWAN, MURRAY, DELEO STATEMENT ON FY08 REVENUE FORECAST

BOSTON--Administration and Finance Secretary Leslie A. Kirwan, Senator Therese Murray (D-Plymouth), chairwoman of the Senate Committee on Ways and Means, and Representative Robert A. DeLeo (D-Winthrop), chairman of the House Committee on Ways and Means, issued the following statement regarding the Fiscal Year 2008 consensus revenue figure.

“Today, the Executive Office for Administration and Finance and the Senate and House of Representatives reached an accord on the consensus revenue figure for Fiscal Year 2008. The joint tax revenue number agreed to by the Secretary of the Executive Office for Administration and Finance and the Chairs of the House and Senate Committees on Ways and Means is $19.879 billion for Fiscal Year 2008. The figure was arrived at after the parties received testimony at the consensus revenue hearing, at which participants provided information regarding Massachusetts’ economy and fiscal outlook. Following the hearing, the secretary and budget committee chairs worked together to produce a reasonable and informed forecast for next fiscal year’s revenues.”

Additionally, agreement was reached on the following off-budget transfers that are mandated in law:

·  $756 million for the MBTA;

·  $634.7 million for School Building Assistance (SBA);

·  $1.399 billion for the pension transfer, which represents a $64 million increase over last year’s payment, but makes no changes to existing fiscal assumptions or pension funding schedule.

The secretary and chairpersons agree that $17.089 billion will be the maximum amount of tax revenue available for the General Appropriations Act (GAA) in Fiscal Year 2008 and will base their respective budget recommendations on that number

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