Commonwealth's Rainy Day Fund Grows to Another Record High
Deposits Following Surplus Income from FY22 Tax Revenue & FY23 Budget Passage
AUGUST 9, 2022
The Commonwealth's Stabilization Fund, aka The Rainy Day Fund, will soon total roughly $8.4 billion on hand. The Executive Office for Administration and Finance announced on Thursday, August 4, 2022, that the Fiscal Year 2022 (FY22) is ending with a final $1.9 billion surplus. This final surplus is on top of other excess revenue that has already been allocated over the year through supplemental budgets.
Overall, the FY22 surplus represents a roughly 20.5% increase in revenue compared to FY21, with revenue totaling $6.7 billion more than projected when enacting the FY22 budget.
In additional to the Stabilization Fund, statutory transfers were made to the MBTA and the School Building Authority. Throughout FY22, $2.3 billion was deposited into the Stabilization Fund, totaling $6.9 billion.
Additionally, as the FY23 budget has passed, another $1.5 billion will be transferred to the Stabilization Fund, bringing the total to roughly $8.4 billion.