Unlike Congress, state lawmakers need to pass a balanced budget every year. Money is tight, to say the least: The Massachusetts Taxpayers Foundation recently estimated that state tax revenue in the next fiscal year will drop by $6 billion, or nearly 20 percent, from what state officials initially anticipated before the coronavirus. (Suddenly, that $3.5 billion rainy day fund doesn’t look so big anymore.)
June 25, 2020
FY 2021
Pressure builds on state government to help businesses deal with the pandemic
Unlike Congress, state lawmakers need to pass a balanced budget every year. Money is tight, to say the least: The Massachusetts Taxpayers Foundation recently estimated that state tax revenue in the next fiscal year will drop by $6 billion, or nearly 20 percent, from what state officials initially anticipated before the coronavirus. (Suddenly, that $3.5 billion rainy day fund doesn’t look so big anymore.)