In The News: Budget

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McAnneny op-ed: State budget process must go on

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May 4 2020

Boston Business Journal

The coronavirus pandemic has disrupted seemingly everything about our normal routines, and the state’s budget process on Beacon Hill is no exception. Three of the unique challenges facing lawmakers warrant mentioning.
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Biz group floats idea of delaying ed funding law

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May 4 2020

By Colin Young, State House News Service / SouthCoast Today

“It seems highly likely that the fiscal 2021 budget will be most difficult in recent memory,” Massachusetts Taxpayers Foundation President Eileen McAnneny wrote in a letter to Ways and Means Chairmen Sen. Michael Rodrigues and Aaron Michlewitz and Administration and Finance Secretary Michael Heffernan, the chief architects of the forthcoming fiscal 2021 budget. “Despite the incredible efforts made in recent years to improve the education funding formula, maintain our commitment to amortizing the unfunded pension obligation by fiscal 2037, and building up the Commonwealth’s ‘rainy day’ fund, you face an array of hard choices on these items and others as you work to balance the budget.”
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Pandemic puts tax plans on hold

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May 2 2020

By Christian Wade, The Gloucester Times

The Massachusetts Taxpayers Foundation predicts the state will see a $4.4 billion drop in tax revenues in the fiscal year that begins July 1, a figure that could grow depending on how long people are out of work. Eileen McAnneny, the group's president, said while tax proposals are likely shelved for the time being, the state will eventually need to figure out a way to pay for repairs to its crumbling roads and public transit system. "Some of those proposals will take a back seat in the short term, but the need for investments in transportation hasn't gone away," she said.
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House Dems back away from recorded vote change

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Apr 29 2020

By Michael Norton, State House News Service / The Salem News

McAnneny, of the business-backed taxpayers foundation, says the CARES Act is "insufficient to mitigate the economic impacts of the pandemic." In her testimony earlier this month, McAnneny highlighted the role that federal funds can play by pointing the $7.4 billion in American Recovery and Reinvestment Act funds that the federal government delivered to Massachusetts between fiscal 2009 and fiscal 2013 after the Great Recession.
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Can the US economy recover from coronavirus if the budgets of its states are a fiscal disaster?

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Apr 28 2020

By Jim Puzzanghera, MSN News

The Massachusetts Taxpayers Foundation, a budget watchdog group backed by businesses, estimated the state’s revenue for the next fiscal year could drop $3.9 billion, or 15 percent, below past projections. New York said revenues could fall by as much as $15 billion in its fiscal year that started April 1. Illinois is expecting more than $7 billion in lost revenue through July 2021.
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Newburyport School Committee to create "one-twelfth" budget

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Apr 22 2020

By Heather Alterisio, The Daily News

According to the Massachusetts Taxpayers Foundation, "We can anticipate a $4.4 billion loss of revenue in the state next year," Holaday said, adding that it's the "best-case scenario if we are able to open the state and businesses by early July."

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Quick recovery? Not likely in Massachusetts, as a coronavirus-induced recession stuns economy

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Apr 18 2020

By Shirley Leung and Larry Edleman, The Boston Globe

This time around, the Massachusetts Taxpayers Foundation forecasts unemployment approaching 18 percent by the end of June, with 570,000 jobs disappearing in recent weeks. Many of those jobs will be recovered by next spring, but total employment won’t return to pre-crisis levels until 2022, the foundation predicts.
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Ground shifting beneath Senate revenue group

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Apr 17 2020

By Colin Young, State House News Service / The Daily News

The virtual meeting began Thursday with presentations from Massachusetts Budget and Policy Center President Marie-Frances Rivera and Massachusetts Taxpayers Foundation President Eileen McAnneny, each of whom detailed the forecasts they provided earlier this week at a hearing designed to help state budget managers chart a path through the end of fiscal 2020 and into the uncertainties of fiscal year 2021.
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Shirley Leung: The Economy Likely Won't Reopen Until July

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Apr 16 2020

By Zoe Mathews, WGBH

Boston Globe business columnist Shirley Leung told Boston Public Radio on Thursday economic forecasts from Moody's Analytics and the Massachusetts Taxpayers Foundation put the state's economic reopening into July. According to a recent report issued by the Massachusetts Taxpayers Foundation, "economic re-engagement" may begin in the first week of July, but does not expect a full recovery of jobs until the last quarter of 2023.
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‘Nerve-Racking’: Unemployment Continues to Worsen in Massachusetts

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Apr 16 2020

By Alison King, NBC Boston

Bagley with the Massachusetts Taxpayers Foundation says the organization predicts an ultimate 18% unemployment rate in the Bay State. Bagley says the expected V-shaped recovery now looks more like a W with damage from the virus — like job losses — worse than initially thought. "The criteria to re-open would require an awful lot of testing and contact tracing, neither of which we are very far along on," he said. "So those things are kind of troubling."
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