Massachusetts estimates that it will collect $20.51 billion of tax revenue in fiscal 2012, about $740 million more than the projected revenue for fiscal 2011, as Gov. Deval Patrick Tuesday announced pension-reform initiatives.

Fiscal 2012 begins July 1. Even with the anticipated growth in revenue, Massachusetts will need to cut spending next year to account for $1.5 billion of federal stimulus dollars that will not be forthcoming and cost increases for Medicaid and other programs.

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