In The News: FY 2020

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Editorial: Pandemic leads to belt-tightening

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May 26 2020

The Greenfield Recorder

The Massachusetts Taxpayers Foundation, a leading Beacon Hill watchdog group, recently revised its tax revenue forecast for next year, now predicting the state could collect $6 billion less than anticipated just five months ago. The foundation also predicted a tax revenue shortfall of between $700 and $800 million this fiscal year, and has already suggested that Beacon Hill lawmakers consider delaying implementation of the landmark education funding reform bill passed late last year.
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Timeline for Massachusetts budget proposals hinges on outcome of coronavirus aid package

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May 21 2020

By Steph Stolis, MassLive

The Massachusetts Taxpayers Foundation, a state watchdog group, issued a revised report this week projecting the state could collect $6 billion less in tax revenues in fiscal 2021 because of the coronavirus pandemic. MTF President Eileen McAnneny projected in April that the state would collect $4.4 billion less in tax revenues next fiscal year.
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DeLeo plans to prioritize transportation, budget, small business

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May 21 2020

By Jon Chesto, The Boston Globe

Last week, the Massachusetts Taxpayers Foundation estimated that state tax revenues will fall by $6 billion, or nearly 20 percent, in the next fiscal year, from the revenue outlook that state leaders established in January. DeLeo conceded that the Legislature will likely tap into the state’s $3.5 billion rainy day fund, but he doesn’t want to draw down too much and put the state’s credit ratings at risk.
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Budget working group prepares for stormy fiscal 2021

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May 20 2020

By John Osborn, The Harvard Press

But defeat of the override will seem like a spring shower compared to the hurricane-sized threat posed by a potential COVID-caused loss of $800,000 to $1 million in state aid. A report released Monday, May 18, by the Massachusetts Taxpayers Foundation estimates that fiscal 2021 state tax revenues could fall by $6 billion, or 19.3%, from a January 2020 forecast, due to loss of revenue caused by the shutdown of state businesses and rising unemployment.
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Experts predict long, slow climb toward economic recovery

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May 18 2020

By Larry Edelman and Shirley Leung, The Boston Globe

McAnneny now expects the shutdown to raise the state unemployment rate to 22 percent by the end of June. She projects that 323,000 jobs will be recovered by June 2021, but employment is unlikely to return to pre-pandemic levels before 2024. That will have a devastating effect on the state budget that goes into effect July 1, with revenues projected to fall by $6 billion, more than a third larger than the foundation’s forecast from just a month ago.
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Foundation: Mass. fiscal situation worsening

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May 18 2020

By Bruce Mohl, CommonWealth Magazine

McAnneny said the foundation’s analysis was completed before Gov. Charlie Baker released his plan for the state’s reopening on Monday. She said the foundation’s analysis assumes that economic activity will resume this summer, but it will be slow and uneven, resulting in lower tax revenues. She said the expectation is that major employers will continue remote working, consumers will be slow to venture out to restaurants and retailers, and many of the unemployed will curtail their expenditures.
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‘Deteriorating economic outlook’ dims state budget picture

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May 18 2020

By Matt Murphy, State House News Service / WWLP

“More current data indicate that the economy is unlikely to ramp up quickly and the job loss will be far greater than originally expected. As the size, scope, and duration of this public health crisis grow, we have revised our forecast to reflect the deteriorating economic outlook. With rapidly-changing economic and fiscal conditions this may not be the last time a revised forecast becomes necessary,” McAnneny said.

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Worcester’s economy post-coronavirus will need sacrifice, investment

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May 11 2020

By Roberta Schaefer, The Telegram

A recent report (April 14) from the Massachusetts Taxpayers Foundation (MTF) assesses the state’s fiscal condition. MTF forecasts that because of the shutdown of most businesses, the Commonwealth will collect $4-$6 billion, or at least 14.1 percent less in revenues than anticipated, for the current fiscal year.
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Editorial: Revenue hit imperils increased education funding

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May 8 2020

The Boston Herald

In a letter to Senate Ways and Means Chairmen Michael Rodrigues, Aaron Michlewitz and Administration and Finance Secretary Michael Heffernan, the chief fiscal 2021 budget planners, Massachusetts Taxpayers Foundation President Eileen McAnneny offered a few ideas on how to deal with budget shortfalls, which include delaying the implementation of the new school funding law and reducing a planned boost in state pension system contributions.
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Massachusetts Pushes Forward Plan to Borrow Billions

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May 6 2020

By Adrianne Appel, Bloomberg News

The Massachusetts Taxpayers Foundation, an influential think tank in Boston, disagreed that borrowing would be the best way to fill the shortfall. The group wants the governor to revise down his $44.6 billion budget proposal filed in January, and to take other steps to curb spending, Eileen McAnneny, president of the foundation, said in an April 30 letter to legislative budget leaders and the administration.

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