Comptroller files Fiscal Year 2023 Statutory Basis Financial Report
Today, Comptroller of the Commonwealth William McNamara filed the Statutory Basis Financial Report (SBFR) for Fiscal Year 2023, the period that ended June 30, 2023.
The SBFR focuses primarily on the budgeted funds of the Commonwealth. The report highlights the sound financial condition of the Commonwealth of Massachusetts, including a healthy and growing balance in the Commonwealth Stabilization (“Rainy Day”) Fund.
Said Comptroller William McNamara, “The Statutory Basis Financial Report illustrates the strong financial condition of the Commonwealth of Massachusetts. This position is a reflection on the thoughtful stewardship of public finance by elected leaders and professionals throughout state government. I also thank the staff of the Office of the Comptroller and our statewide partners on the completion of this report – a thorough and accurate picture of the Commonwealth’s financial health.”
Notable statistics in the report include:
- Total balances in budgeted funds stood at $15.338 billion at the end of Fiscal Year 2023.
- A year-end balance in the Commonwealth Stabilization (“Rainy Day”) Fund of $8.036 billion, reflecting a gain of $1.098 billion from July 1, 2022.
- A year-end balance of $1.891 billion in the Transitional Escrow Fund from the FY2021 and FY2022 balances
- $4.578 billion in prior year appropriations continued and designated for FY2024 appropriations and debt service
- A decrease of $5.341, or 21.9%, in total personal income tax collections, due in part to “Chapter 62F” refunds of $2.879 billion, a decline in capital gains tax revenues of $2.048 billion
- Federal reimbursements totaled $15.225 billion, a decrease of $554 million, or 3.5%, from FY2022.
- An increase of $87 million, or 7.9%, in Lottery profits, to a total of $1.188 billion
- Medicaid expenditures increased $1.855 billion, or 9.3%, to a total of $21.700 billion
- Direct local aid spending was $7.295 billion, up $552 million, or 8.2%
The Statutory Basis Financial Report has been posted at http://casino.cheyouju.net/sbfr.
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.
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.
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.
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