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We investigate mathematical formulations and solution techniques for a variant of the Connected Subgraph Problem. Given a connected graph with costs and profits associated with the nodes, the goal is to find a connected subgraph that contains a subset of distinguished vertices. In this work we focus on the budget-constrained version, where we maximize the total profit of the nodes in the subgraph subject to a budget constraint on the total cost. We propose several mixed-integer formulations for enforcing the subgraph connectivity requirement, which plays a key role in the combinatorial structure of the problem. We show that a new formulation based on subtour elimination constraints is more effective at capturing the combinatorial structure of the problem, providing significant advantages over the previously considered encoding which was based on a single commodity flow. We test our formulations on …