In The News: Budget

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Veto debate underscores differences on balanced state budget

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Jul 14 2016

By Andy Metzger, State House News Service / The Telegram

The Massachusetts Taxpayers Foundation on Thursday said fiscal 2017 state spending will rise 2.4 percent if Baker's requested spending for "known deficiencies" in the Legislature's budget is included in the calculation. The foundation said spending growth is "low compared to prior years, but necessary" since expectations of state revenues have been significantly revised. "The state is likely to continue to face fiscal challenges in FY 2017, but a crucial first step toward meeting those challenges has been the Legislature and Administration's work to reduce budget spending growth to less than assumed tax revenue growth. It would be a major setback if veto overrides undid much of this work," the foundation wrote in a budget bulletin.
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The Mass. fiscal clash that lies ahead

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Jul 8 2016

By Scot Lehigh, The Boston Globe

Further, the Massachusetts Taxpayers Foundation notes that revenue growth since the Great Recession hasn’t matched the bounce-back after the much milder recession of 2001. A back-of-envelope comparison: From fiscal year 2004 to 2008, state revenue grew by an average of 6.9 percent a year; by contrast, from FY 2012 to 2016, the average annual rate of increase was 4.3 percent. The difference equals about $650 million a year.
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Editorial: Bit of budget roulette

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Jul 5 2016

The Boston Herald

That approach risks leaving the state dangerously exposed. Indeed, the Massachusetts Taxpayers Foundation suggests the budget fixes “still leave the state in a precarious financial position.”
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THE SUNDAY NOTEBOOK

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Jul 3 2016

Sentinel & Enterprise

The Massachusetts Taxpayers Foundation, which has been pleading with lawmakers to move faster to bulk up the "rainy day" account before the next recession hits, said the budget deal would leave Massachusetts in a "precarious financial position," given that caseload projections were already "aggressively low" and family homelessness and indigent legal defense accounts were most likely underfunded by $80 million.
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Senate sends budget to Baker

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Jul 1 2016

By Katie Lannan & Michael Norton, State House News Service / CommonWealth Magazine

According to the Massachusetts Taxpayers Foundation, the budget underfunds family homelessness and indigent legal defense accounts by more than $80 million. The bill carries further risks because it assumes about $173 million in savings based on recalculations of projected caseloads, including in MassHealth, from already “aggressively low” growth rates, MTF says.
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Massachusetts Budget Shortfall Could Reach $1 Billion

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Jun 28 2016

By Paul Tuthill, WAMC Public Radio

Fiscal watchdogs, including Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, have cautioned against raiding the rainy day fund when the state’s economy is not in recession. "Clearly there are signs there could be some slowdown. We want to heed those signs. It becomes more challenging when you don't have a cushion in the stabilization fund that you can draw on in challenging times," said McAnneny.
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Brexit vote delivers impact to Massachusetts budget, businesses

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Jun 24 2016

By Michael Norton, State House News Service / WCVB

"I think the UK's withdrawal from the European Union is sending shockwaves throughout the Massachusetts economy in ways that we can't even begin to realize," Massachusetts Taxpayers Foundation president Eileen McAnneny told the News Service Friday afternoon. "There are profound impacts on the budget. The news is wreaking havoc on the global financial markets and that certainly impacts capital gains revenue and it will impact business profits."
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As market fears grow, worries over Mass. budget

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Jun 24 2016

By Joshua Miller, The Boston Globe

“The UK’s withdrawal from the EU may send shock waves through the Massachusetts economy in numerous ways that we can’t fully anticipate, with potentially profound effects on the Massachusetts budget, a scenario for which we are ill-prepared,” said Eileen McAnneny, who leads the Massachusetts Taxpayers Foundation.
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Can The Sales Tax 'Holiday' Survive Beacon Hill's Budget Shortfall?

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Jun 21 2016

WGBH

McAnney began by explaining the process that the state goes through to identify the amount of money available to spend. She explains, “they begin the budget process with a consensus revenue hearing; and really the purpose is to figure out the dollar amount that the state has to spend. They do that in January and so a lot has changed in those six months. Some of the assumptions they base the budget on are no longer accurate.That’s the problem- in a nutshell.”
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State income tax cut at risk

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Jun 20 2016

By Michael Norton, State House News Service / The Berkshire Eagle

The foundation said fiscal 2016 tax revenues are likely to exceed fiscal 2015 tax revenues by just 2.6 percent. Looking ahead, lawmakers should downgrade their tax revenue growth projection for fiscal 2017 to 3.8 percent, which would reduce available revenues by $521 million, according to the MTF.
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