The Massachusetts Taxpayers Foundation on Wednesday predicted the upcoming budget cycle will differ significantly from the last two, during which tax receipts shattered projections and enabled the state to bulk up its cash reserves, pass one-time investments, and push the state budget up to $43.3 billion. “The presence of such a gap provides early warning that significant changes will be considered in order to balance the budget, such as tax increases or spending cuts,” the foundation concluded. “Stakeholders and opinion leaders should prepare to consider such actions as budget deliberations begin.”
January 15, 2020
FY 2020
State budget gap pegged at $900 million in new report
The Massachusetts Taxpayers Foundation on Wednesday predicted the upcoming budget cycle will differ significantly from the last two, during which tax receipts shattered projections and enabled the state to bulk up its cash reserves, pass one-time investments, and push the state budget up to $43.3 billion. “The presence of such a gap provides early warning that significant changes will be considered in order to balance the budget, such as tax increases or spending cuts,” the foundation concluded. “Stakeholders and opinion leaders should prepare to consider such actions as budget deliberations begin.”
