Mass. Budget Builders Agree On $20.5B In Revenues

Massachusetts budget builders agree they will have $20.5 billion to work with for the coming fiscal year. The Patrick administration and heads of the Senate and House Ways and Means committees said Tuesday that is their consensus revenue estimate.

Gov. Deval Patrick will work off that figure when he unveils his budget proposal later this month. The House and Senate will follow course in the coming months. The 2012 fiscal year starts on July 1.

Administration and Finance Secretary Jay Gonzalez also says the state will receive $19.8 billion in taxes and fees for the current fiscal year. That's up $706 million from the original estimate.

Gonzalez says tax collections have exceeded estimates, even with the approval of Question 1. It repealed the 6.25 percent sales tax on alcohol effective Jan. 1.