Massachusetts leaders agree on revenue estimate of just under $25.5B for new fiscal year

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BOSTON — Budget negotiators in Gov. Charlie Baker's office and the Massachusetts House and Senate have estimated how much the state is expected to collect in revenue during the next fiscal year that begins July 1.

They've pegged the number at just under $25.5 billion — a 4.8 percent increase over the current fiscal year.

The estimate allows Baker and lawmakers to craft their own budget plans based on the same projected revenues.

Baker will release his budget plan first, followed by the House and the Senate. The two chambers then need to agree on a final compromise budget and send it back to Baker for his signature — ideally before the end of June.

Baker also has to devise a plan to close a $765 million deficit in the current year.

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