The new spending plan is “balanced, it’s fiscally responsible, and we believe it is a blueprint for meeting the needs of residents and businesses," Gov. Maura Healey said Wednesday.

Much of the funding for the proposals comes from the state's 'Millionaire's Tax.'

Gov. Maura Healey proposed increasing state spending to more than $62 billion next fiscal year, relying on burgeoning income tax collections from the state's wealthiest and a slew of other budget-balancing strategies in a spending plan unveiled Wednesday.

Gov. Maura Healey announced a plan Tuesday to pump at least $2.5 billion into facilities at the University of Massachusetts, state universities and community colleges by the middle of the 2030s.

Gov. Maura Healey's $59.6 billion plan represents a 2.6% increase over the current year's budget. It also includes an additional $1.95 billion in supplemental spending funded by the state's Fair Share surtax,