BOSTON — Massachusetts Treasurer Deborah B. Goldberg used a speech before the Greater Boston Chamber of Commerce’s Government Affairs Forum to detail how her office is preparing the state for ongoing economic uncertainty, emphasizing long-term planning, financial resilience, and continued investment in communities and small businesses.
Goldberg, who oversees 13 distinct state agencies under the Treasury umbrella, told business leaders that the department operates “like a multi-faceted business” united by a mission of creating “economic stability, economic security, and opportunity for every Massachusetts resident.” She stressed that her team plans for volatility as a constant, not an exception.
State Reserves Hit Record $8.1 Billion
A cornerstone of that long-term strategy remains the state’s Stabilization Fund. When Goldberg took office in 2015, the Rainy Day Fund stood at $1.2 billion; today it has grown to $8.1 billion.
“I live and die by the Rainy Day Fund,” she said, calling the reserves essential to safeguarding the Commonwealth from economic shocks.
Debt Strategy Targets Climate Resilience, Transportation
Goldberg highlighted the Treasury’s collaboration with the Governor’s office on major bonding initiatives, including the Mass Ready Act, which allocates nearly $3 billion for infrastructure improvements and climate resilience, and a recently passed transportation bond bill aimed at upgrading critical state infrastructure.
She credited Deputy Treasurer Sue Perez as “one of the toughest negotiators in the business,” consistently securing cost savings on state borrowing.
Clean Water Trust Commits $867 Million Amid Federal Constraints
With federal funding under pressure, Goldberg warned that water infrastructure projects face increasing challenges. Still, the Clean Water Trust delivered $867.1 million in FY 2025 through low-interest loans and grants, supporting an estimated 5,203 construction and engineering jobs.
Projects are becoming “larger, more complex, and more expensive,” Goldberg noted, adding that the Trust must explore “innovative strategies” to stretch limited federal dollars.
Pension Fund Surges to $121.1 Billion
MassPRIM, the state’s pension fund, has nearly doubled in size since 2014, reaching $121.1 billion with a 9.6% net gain over the past year. The fund has outperformed its benchmarks across multiple time horizons.
Goldberg defended PRIM’s sustainability and stewardship initiatives—including climate planning, compensation fairness, and transparency—not as politics but as “common sense investing.” PRIM has also invested $16 billion with diverse managers under the FUTURE Initiative.
Boosting Small Business Financing
Small businesses remain a top priority. Goldberg touted the Invest MA initiative, which shifts state cash to participating banks that commit to increasing small business lending. To date, 31 banks have received $445 million to expand credit access.
Complementing this effort, the Treasury’s Small Business Initiative hosts multilingual workshops and provides a statewide resource map linking entrepreneurs to 1,380 support organizations. Recent collaborative “coffee hours” have engaged over 93 small business owners.
ABCC Supports Growth of Boston’s Hospitality Sector
With Boston receiving 225 new liquor licenses under recent legislation, the Alcoholic Beverages Control Commission has worked closely with applicants. Of 63 special applications submitted this year, 57 have been approved.
More than 2,880 stakeholders have participated in ABCC compliance training across 39 municipalities in FY 2025 and 2026.
Lottery Launches iLottery, Projects Major Revenue Growth
Goldberg emphasized the Lottery’s role in supporting local aid, noting its $34 billion in lifetime contributions to cities and towns. New online operations are expected to generate $70 million in net profit in the first year, rising to nearly $360 million by year ten. Proceeds will help fund statewide childcare initiatives.
Retirement Access Expanded; BabySteps Nears 60,000 Accounts
The state’s CORE retirement plan for nonprofits has expanded eligibility from 20 to 100 employees, significantly broadening access to low-cost retirement savings.
Meanwhile, the BabySteps Savings Plan, now nearing its fifth anniversary, has opened nearly 56,000 accounts and secured $2.8 million in investments. Goldberg said new commitments, including a $50,000 pledge from Needham Bank, may help push the program to 60,000 accounts by year-end.
Financial Education Mandate Advances Statewide
After years of advocacy, Massachusetts is poised to join 30 other states requiring personal finance education in public schools. Goldberg celebrated recent legislative and administrative movement, saying young people “deserve this knowledge” in every school, not just a select few.
Goldberg acknowledged headwinds—from global economic volatility to pressures on key sectors like biotech and R&D—but underscored the state’s advantage: a unified government and private sector committed to long-term stability.
“All of us in state government are 100% in collaboration mode, and the private sector has stepped up too,” she said. “Together, we can move the needle toward an economy that works for everyone—even in these uniquely challenging times.”
