Budgeted Operating Funds - Statutory Basis1 (in Millions)
|Beginning Fund Balances|
|Reserved or Designated||400.1||170.4||297.1||190.0||226.0||126.0|
|Bay State Competitiveness Investment Fund||NA||NA||NA||NA|
|Revenues & Other Sources2|
|Inheritance & Estate||293.3||313.4||401.5||340.9||399.4||395.0|
|Sub Total Sales||5,059.3||5,163.9||5,495.9||5,774.4||6,054.6||6,190.3|
|Revenues & Other Sources -- Settlements & Judgments4||NA||NA||NA||NA||NA||125.0|
|Revenues & Other Sources -- Tax Collections Under Benchmarks||NA||NA||NA||NA||-261|
|Revenues & Other Sources -- Total Tax Revenues5||21,114.7||22,123||23,370||24,932.2||25,424.5||26,181|
|Total Budgeted Operating Tax Revenues||19,643.7||20,631.9||21,822||23,173.8||23,616.9||24,352.5|
|Inter-fund Trans. from Nonbudgeted Funds & Other Sources4||1,032.3||1,548.1||1,555.2||1,729.5||2,029.4|
|Departmental & Other Revenues||3,175||3,370.5||3,712.4||3,852.8||4,257.2||4,164.1|
|Inter-fund Trans. from Nonbudgeted Funds & Other Sources8||1,756.1||1,548.1||1,555.2||1,729.5||1,848.7||2,257.9|
|Expenditures & Uses|
|Budgeted Revenues & Other Sources||32,546.5||33,778.9||35,461.7||38,236.5||40,365.5||41,703.4|
|Total Budgeted Revenues & Other Sources||33,578.8||35,235.5||37,218.7||38,971.9||40,838.4||42,413.5|
|Direct Local Aid9||4,929.5||5,115.7||5,292.5||5,420.4||5,567.7||5,278.8|
|Other Health & Human Services||4,710.5||4,768.9||4,979.5||5,300.8||5,433||5,732|
|Department of Elementary & Secondary Education||435.9||489.2||515.3||514.9||539.3||621.1|
|Department of Early Education & Care||494.3||483.4||509.6||537.7||547.6||563.6|
|Energy & Environmental Affairs||186.8||201.8||215.0||225.0||221.4||239.7|
|Inter-Fund Transfers to Non-Budgeted Funds|
|Post Employment Benefits6||1,892.3||1,967||2,050.4||2,213.4||2,503.4||2,638.1|
|Other Program Expnd.||2,898.7||3,006.7||3,293.7||3,113.1||3,240.7||3,039.7|
|Total Programs & Services Before Trans. to Non-Budgeted Funds||30,975.3||32,178.7||34,383.6||37,038.3||38,968||40,379.5|
|Commonwealth Care Trust Fund||614.9||661.2||390.1||NA||NA||NA|
|Medical Assistance Trust Fund||220.9||390.9||395.0||71.0||665.6||736.2|
|Massachusetts Transportation Trust Fund||180.1||161.7||270.1||588.6||566.8||325.5|
|Total Inter-Fund Trans. to Non-Budgeted Funds||1,482.3||1,715.6||1,501.9||1,078||1,486.2||1,551.9|
|Budgeted Expnd. & Other Uses||32,457.6||33,894.3||35,885.5||38,116.3||40,454.2||41,931.5|
|Ending Fund Balances|
|Total Budgeted Expnd. & Other Uses||33,489.9||35,350.9||37,642.5||38,851.7||40,927.1||42,641.6|
|Excess of Revenues & Other Sources Over Expnd. & Other Uses||88.9||-115.4||-423.8||120.2||-88.7||-228.1|
|Reserved or Designated8||170.5||297.1||190.0||226.0||126.0||27.4|
Source: State Lottery Commission
* Table from page A-12 to A-13 of the MA Information Statement dated November 1, 2016.
1.) Totals may not add due to rounding.
2.) Some fiscal 2012 amounts were reclassified to conform to the fiscal 2013 presentation in the Statutory Basis Financial Report.
3.) Some fiscal 2014 amounts were reclassified to conform to the fiscal 2015 presentation in the Statutory Basis Financial Report.
4.)For fiscal 2012 through 2016, tax and non-tax revenue from judments and settlements in excess of $10 million is included in specific tax and non-tax revenue categories. Those amounts totaled approximately $404.4 million in fiscal 2012, $133.8 million in fiscal 2013, $436.5 million in fiscal 2014, $226.1 million in fiscal 2015 and $155.3 million in fiscal year 2016. The Executive Office for Administration and Finance currently estimates that these revenues will total $125 million in fiscal 2017, with that revenue being available for budget, as it is below the threshold above which such revenue must be transferred to the Stabilization Fund per M.G.L., Chapter 29, Section 2H.
5.) The total tax revenues for fiscal 2016 were $482 million below the benchmark estimate of $25.751 billion, plus $155.3 million in certain settlments and judgments that are not included in the consensus revenue estimate. See note 4 above, and "FISCAL 2016 AND FISCAL 2017."
6.) Beginning in fiscal 2015, the annual amount of dedicated sales tax receipts statutorily required to be credited to the MBTA was increased by $160 million.
7.) The fiscal year 2012 budget adopted changes to the Workforce Training Fund, which annually is funded through employer contributions for workforce training initiatives for incumbent workers in the private sector. Beginning in fiscal 2012 the Workforce Training Fund is not subject to annual appropriation and the employer contributions are deposited directly in the Workforce Training Fund after their collection.
8.) Inter-fund Transfers from Non-budgeted Funds and Other Sources include profits from the State Lottery, transfer of tobacco settlement funds through fiscal 2012, abandoned property proceeds as well as other inter-fund transfers.
9.) Fiscal 2016 budgeted Debt Service excludes $113 million in payments made from a non-budgeted fund that in prior fiscal years was made and in fiscal 2017 will be made from the budgeted funds.
10.) Fiscal 2016 and fiscal 2017 Post-Employment Benefits include all budgeted pension transfers and transfers to the State Retiree Benefit Trust Fund (SRBTF). Fiscal 2013 through 2015 Post-Employment Benefits include all budgeted pension transfers and transfers to the SRBTF, excluding transfers to the SRBTF attributable to tobacco settlement payments of approximately $25 million in fiscal 2013, $56 million in fiscal 2014 and $73 million in fiscal 2015.
11.) The fiscal 2016 and later budgets do not include appropriations of funding for the Health Connector because they assume that increased dedicated revenues in the CCTF, federal grants and self-generated revenues will be able to cover the full program and administrative costs.
12.) Fiscal 2016 spending assumes a spending reduction of $189 million for estimated gross payroll savings due to the early retirement incentive program.
13.) In fiscal year 2017, legislatively authorized spending after veto overrides and anticipated deficiencies in certain accounts is expected to exceed current revenue estimates. In addition, unspent appropriations authorized to be carried forward into fiscal 2017 contribute to the overall deficiency in fiscal 2017. The Executive Office for Administration and Finance will continue to monitor revenues and spending and implement measures as necessary to ensure that the Commonwealth's budget will achieve statutory balance. See "FISCAL 2016 AND FISCAL 2017 - FISCAL 2017."
14.) Consists largely of appropriations authorized to be expended in following year.
15.) Fiscal 2017 figures are projected.
|Published by MA - Debt Management.|
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