The Massachusetts Taxpayers Foundation said the Baker administration’s revenue estimate veered on the conservative end of projections made earlier this month, but noted fiscal 2022 could pose a bigger challenge. “The state will have to replace at least $3.5 billion in non-replicable revenues that bolster FY 2021 spending,” MTF wrote in its analysis last week. “Factor in the cost increases to pay for the Student Opportunity Act reforms as well as annual inflationary costs and collective bargaining agreements that add hundreds of millions in costs, and the state will likely confront another multi-billion shortfall with fewer resources than in FY 2021.”