Mass. Had $460M Surplus In FY 2011

BOSTON (AP) – Gov. Deval Patrick says the state closed out the last fiscal year with a $460 million surplus, and he wants much of it to be put into the state’s so-called Rainy Day Fund.

In a letter sent to the Legislature on Thursday, Patrick asked lawmakers to deposit $300 million into the reserves, bringing the fund to more than $1 billion for the first time since 2008.

A supplemental budget filed by the governor also seeks $10 million to reimburse cities and towns for costs related to the June 1 tornadoes; $35 million for infrastructure projects; and directs that a “limited amount” of surplus funds be used to restore cuts in human service programs.

Officials say the surplus for the fiscal year that ended June 30 was boosted by larger than anticipated capital gains tax revenue.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments

One Comment

  1. Willow says:

    I think this says a lot for Massachusetts. We’ve weathered the recession better then most states, and to have a reserve is great news. Now if we can get congress to follow suit.

    1. Nab71 says:

      Amen.

      But remember Mass only fell into line because the federal spigot dried up. Only a balanced budget amendment will have this effect on the Feds.

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