10th Annual Massachusetts Investor Conference
Fiscal Year 2023 Budget
FY23 Consensus Revenue Estimates
•
On January 14, 2022, a fiscal 2023 consensus tax revenue estimate of $36.915 billion was
agreed upon by the Secretary of Administration and Finance and the chairs of the House and
Senate Committees on Ways and Means.
In addition to conferring with each other, the Secretary and Chairs held a public hearing on
December 21, 2021 to receive testimony from the Department of Revenue, the State Treasurer's
Office, and independent, local economists from area foundations and universities on tax revenue.
The fiscal 2023 consensus estimate reflects a projection of 2.7% tax revenue growth over the
revised projected fiscal 2022 tax revenue figure of $35.948 billion.
• After accounting for statutorily required transfers for pensions, and to the MBTA, the MSBA and
the Workforce Training Fund, the Secretary and Committee chairs agreed that $29.783 billion
would be the maximum amount of tax revenue available for the fiscal 2023 budget.
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