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.

Healey, a first-term Democrat, is requesting from the Legislature $50 million to support young students struggling to read.

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.

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

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,