The Governor’s FY 2018 budget proposal (House 1) has been released and proposes $45.2 billion in spending. This Bulletin provides an overview of the major spending, revenue and policy components included therein.
Massachusetts municipalities are doing more with less from the state as they continue to tighten their belts and rely more on local receipts to keep mounting debt obligations at bay, according to the Massachusetts Taxpayers Foundation’s (MTF) 46th Municipal Finance Data booklet released today.
Today, the Baker Administration announced $97.9 million in midyear budget (9C) cuts.1 These cuts come during a particularly challenging budget year in which revenues have been reduced by $800 million already. This brief provides background on the FY 2017 budget gap and summarizes the budget cuts announced today
Eileen McAnneny, President of MTF, presented the Foundation’s economic and revenue forecast to members of the House and Senate Ways and Means Committees and the Secretary of Administration and Finance at their annual consensus revenue hearing at the State House today.“The Foundation advises extreme caution over the next 18 months and urges lawmakers to exercise great restraint in building the budget. There are both longstanding causes for concern, such as a shrinking workforce and insufficient reserves in our Stabilization Fund, and many new ones – such as the lack of clarity on many policy positions from President-elect Trump and ominous signs of a global economic slowdown – that necessitate a conservative approach. Given our fragile fiscal state and our unpreparedness for a recession, our expectation is that these pressures will only grow in the coming year.”