BOSTON — The Latest on the Massachusetts Budget (all times local):

4:45 p.m.:

The Massachusetts House and Senate have passed a compromise $40.2 billion state budget.

The House approved the spending plan on a 140-9 vote Friday. The Senate backed the same budget by a 36-2 vote.

The budget trims spending about $400-$500 million and takes other steps to account for a $733 million reduction in anticipated tax revenues for the fiscal year that began July 1.

Senate budget officials say the plan projects tax revenues to grow at just 1.4 percent, down from the previous estimate of 3.9 percent.

The budget increases spending on schools and local aid, but cuts spending in other areas.

Massachusetts is among the last states to have a fiscal 2018 budget in place.

Republican Gov. Charlie Baker will have 10 days to issue any line-item vetoes.


2:01 p.m.:

House and Senate leaders have unveiled a compromise $40.2 billion state budget.

The budget trims spending about $400-$500 million and takes other steps to account for a $733 million reduction in anticipated tax revenues for the fiscal year that began July 1.

The 327-page document was filed on Friday, just hours before rank and file members of both chambers were scheduled to take an up-or-down vote on it.

Senate budget officials say the plan projects tax revenues to grow at just 1.4 percent, down from the previous estimate of 3.9 percent.

The budget increases spending on schools and local aid, but cuts spending in other areas.

Massachusetts is among the last states to have a fiscal 2018 budget in place.

Republican Gov. Charlie Baker will have 10 days to issue any line-item vetoes.