Pew credits rainy-day fund limits in wake of MTF report

Last month, the Massachusetts Taxpayers Foundation (MTF) called for the state to focus on rebuilding its reserves, warning that the practice of drawing from the fund to pay operating expenses could leave the state ill-equipped to weather a future economic downturn. The use of reserve funds was cited as a contributing factor in the recent downgrade of the state's credit outlook by the bond rating agency Standard and Poor's.