February Revenue Report Shows Signs of Improvement for the CPA Trust Fund
Each month, the Massachusetts Department of Revenue releases a report known as the “Blue Book,” which includes the latest data on statewide taxes and revenue - including monthly collections for the CPA Trust Fund. And while the Trust Fund has been experiencing a difficult period of decline over the last few years, the latest Blue Book report shows a heartening sign for CPA communities. After 28 consecutive months of year-on-year declines in revenue, collections for February 2024 resulted in just over $4 million for the CPA Trust Fund, which is a 9% increase compared to the $3.7 million collected in February 2023.
Revenue collections for the CPA Trust Fund fluctuate due to a number of different factors, but one of the primary influences is real estate activity in Massachusetts. Because the Trust Fund primarily derives its revenue from document fees applied at the state’s Registries of Deeds, ongoing struggles surrounding the state's housing market have resulted in the CPA Trust Fund experiencing a corresponding decline. And while it’s certainly encouraging to see the latest collection figures bucking this downward trend with a slight increase in revenue, it remains to be seen whether this is a healthy sign for the future of the Trust Fund, or merely an anomaly. We will continue to monitor the monthly collections for the Trust Fund leading up to this November's annual distribution, as well as report on any substantial trends that could affect the total funding available for CPA municipalities.