January 11, 2024
PUBLIC FINANCE > Budget > FY 2024

MTF Analysis of FY 2024 Tax Revenue Shortfall & 9C Cuts

Earlier this week, the Healey administration announced a $1 billion tax revenue shortfall for FY 2024, downgrading the revenue benchmark from $40.41 billion to $39.41 billion. They also released a plan to solve the shortfall which includes approximately $375 million in net mid-year (9C) budget cuts. In total, 66 budget line-items were reduced by $545 million in gross spending. These cuts are accompanied by approximately $169 million in lost revenue, resulting in an estimated net impact of $375 million.