Budget Amendment ID: FY2025-S4-798

EDU 798

Chapter 70 Inflation Adjustment

Ms. Kennedy and Messrs. Eldridge, Pacheco, Brady, Mark, Tarr, Rush, Cronin, Oliveira, Payano and Feeney moved that the proposed new text be amended by inserting after section__ the following section:-

SECTION XX. Said section 2 of chapter 70 is hereby further amended by striking the definition of “Foundation inflation index” and inserting in place thereof the following new definition:-

“Foundation inflation index”, the ratio of the value of the implicit price deflator for state and local government consumption expenditures and gross investment in the first quarter of the prior fiscal year to the value of that same deflator in the first quarter of fiscal year two thousand and nineteen; provided that the increase in the index over the prior fiscal year shall not exceed four-and-one-half percent.