Massachusetts Gov. Deval Patrick Wednesday released a $30.5 billion fiscal 2012 spending plan with $570 million less spending than the current fiscal year’s operating budget.

This is the first budget proposal of Patrick’s second term as governor. It uses $385 million of one-time revenues, including $200 million of rainy-day funds, a decrease from previous years. Massachusetts used $3.2 billion of one-time revenue in fiscal 2009 during the national recession with the help of federal stimulus funds. Massachusetts’ fiscal year begins July 1.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.