Comptroller files Fiscal Year 2024 Statutory Basis Financial Report
Today, Comptroller of the Commonwealth William McNamara filed the Statutory Basis Financial Report (SBFR) for Fiscal Year 2024, the period that ended June 30, 2024.
The SBFR focuses primarily on the budgeted funds of the Commonwealth and represents a strong and stable fiscal standing during Fiscal Year 2024. Highlights of the report include:
- A consolidated net surplus of $426 million in budgeted funds, all of which was transferred to the Student Opportunities Act Investment Fund
- A fiscal year-end balance of $8.524 billion in the Commonwealth Stabilization (“Rainy Day”) Fund, inclusive of $488 million deposited into the fund during Fiscal Year 2024
- Budgeted fund tax revenue (not including sales tax revenue allocated to the MBTA and the Massachusetts School Building Authority) totaled $38.138 billion
- Total personal income tax collections of $24.112 billion
- Sales and use tax collections of $6.626 billion
- Budgeted fund federal reimbursements of $14.603 billion, a decrease of $622 million due primarily to a decline in federal Medicaid reimbursements
- Total Lottery profits of $1.151 billion
- $903 million in new education and transportation spending from 4% personal income surtax revenues, including $264 million for Elementary and Secondary Education, $207 million for Higher Education, and $430 million for Transportation
The Statutory Basis Financial Report has been posted at https://www.macomptroller.org/sbfr.
The Fiscal Year 2024 SBFR has been filed far later than the statutorily required due date of October 31, continuing a pattern of severe delay in five of the past six years. The publication and filing of the SBFR is dependent on the final enactment of the closeout supplemental budget. This year, that legislation was enacted by the Legislature and subsequently signed by the Governor on December 4. Said Comptroller William McNamara, “I respectfully urge that the elected branches prioritize timely completion of supplementary and closeout budgets for Fiscal Year 2025 and of the General Appropriations Act for the coming Fiscal Year 2026.”
About the SBFR
The SBFR is prepared annually by the Office of the Comptroller and was reviewed by the Commonwealth’s independent Certified Public Accountants, CliftonLarsonAllen LLP. This report meets the statutory requirement in Massachusetts General Laws c. 7A, § 12 to present fairly the results of the prior fiscal year’s activity in the Commonwealth’s funds, to compute and certify the balance in the Stabilization Fund, and to disclose and report certain aspects of financial performance as directed by statute.
The statutory (or budgetary) basis of accounting is defined by Massachusetts General Law and does not conform to Generally Accepted Accounting Principles (GAAP) as defined for governments by the Governmental Accounting Standards Board. The Office of the Comptroller will report the Commonwealth’s financial position on a GAAP basis in the forthcoming Annual Comprehensive Financial Report (ACFR), which is currently in preparation.
About the Office of the Comptroller
The Office of the Comptroller of the Commonwealth of Massachusetts (CTR) is an independent and apolitical agency charged with overseeing the Commonwealth’s financial systems, preparing the annual financial reporting, and managing the external single audit process. In addition, CTR oversees the Commonwealth’s general ledger, payroll and vendor management, trains state employees on risk mitigation, and operates the Commonwealth’s financial system.
As stewards of the public trust, CTR aspires to inspire confidence by maintaining our core principles: clarity, integrity, and accountability. The powers and obligations of the Office of the Comptroller are generally dictated by M.G.L. c. 7A.
The Comptroller of the Commonwealth is William McNamara, who has served as the 20th Comptroller since February 2020.