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Modest Revenue Growth Forecast For Massachusetts Budget

Dec 12 2013

By Paul Tuthill, WAMC

Michael Widmer, President of the Massachusetts Taxpayers Foundation told a Statehouse hearing Wednesday that his group forecasts a 4.7 percent increase in tax revenues…or about $1 billion. The Massachusetts Department of Revenue projects similar growth.
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Economic growth could net $1B for state

Dec 12 2013

By Marie Szaniszlo, The Boston Herald

The Massachusetts Taxpayers Foundation urged the governor to use the extra cash to stabilize the pension system and warned the economy could slow again next year and transportation costs could add up fast.
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Experts See Modest Revenue Growth In Mass.

Dec 12 2013

By Bob Salsberg, AP / The Street

Michael Widmer, president of the independent Massachusetts Taxpayers Foundation, said the group's forecast called for tax revenues to grow by 4.7 percent in the fiscal year that begins July 1. But he cautioned that the less than robust economic recovery means the next budget will be another challenging one. "Increases in largely non-discretionary spending for pensions, debt service, Medicaid and other areas, along with expanded commitments to transportation, will consume most of the $1.1 billion in new tax revenues," Widmer said.
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Experts See Rising Tax Collections In Mass.

Dec 11 2013

By Michael Norton and Matt Murphy, State House News Service / WBUR

The Massachusetts Taxpayers Foundation estimates state tax revenues will grow by 4.7 percent in fiscal 2015, a rate of growth that the foundation said was below the rates of previous economic recoveries. MTF estimates fiscal 2014 tax collections will reach $23.27 billion, or $470 million above the forecast used to build the state budget. Foundation President Michael Widmer predicted increases in “non-discretionary spending” in areas like employee pensions, debt service and Medicaid, in addition to expanded outlays on transportation, will consume “most” of the $1.1 billion in predicted new tax revenues.
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Modest revenue growth expected for Massachusetts budget

Dec 11 2013

WCVB

Michael Widmer, president of the independent Massachusetts Taxpayers Foundation, told a Statehouse hearing that his group was forecasting 4.7 percent growth in tax revenues in the fiscal year starting July 1. But he said most of the growth would be eaten up by non-discretionary costs such as Medicaid and pensions.
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Lawmakers told of revenue increases as budget looms

Dec 11 2013

By John J. Monahan, The Worcester Telegram

Those projections were similar to the forecast offered by Michael J. Widmer, president of the Massachusetts Taxpayers Foundation. The organization said it expects state revenues to grow by about 4.7 percent to $24.37 billion in fiscal 2015, producing about $1.1 billion in revenue growth for the state. Despite an improving economic picture, the 2015 budget will challenge lawmakers once again, Mr. Widmer said, despite the expected $1 billion in new revenues.
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Widmer challenges state budget writers

Dec 11 2013

By Matt Murphy, State House News Service / The Lowell Sun

With a slow but steady economic recovery expected to pump at least $1 billion in new revenue into state coffers next fiscal year, House and Senate lawmakers and the Patrick administration were urged Wednesday to consider building a truly balanced budget that doesn't rely on one-time money or reserve funds. Massachusetts Taxpayers Foundation President Michael Widmer also suggested reexamining the state's schedule to fully fund its pension system, and making a concerted effort to push the date up four years to 2036 as an overture to bond rating agencies, which control the cost of borrowing.

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Mass. Officials Expect Modest Economic Growth Next Year

Dec 11 2013

By Sarah Birnbaum, WGBH

The group Massachusetts Taxpayers Foundation says most of the projected growth would be eaten up by mandatory costs such as Medicaid and pensions.

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Higher tax collections, modest growth predicted FY15

Dec 11 2013

By Christine Lee, WWLP

Massachusetts Taxpayers Foundation President Michael Widmer cautioned that the projected rise in revenue is less than in past economic recoveries that grew by 6 to 7 percent. They say most of the money will be quickly absorbed by current spending obligations. “One looks are things like debt service, pensions, Medicaid, other built in obligations consume a lion’s share of that $1.1 billion in additional spending,” said Widmer.

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Massachusetts caps fiscal year with $1 billion surplus in tax collections

Jul 17 2013

By Dan Ring, The Republican

According to Michael J. Widmer, president of the Massachusetts Taxpayers Foundation, total tax collections for the fiscal year are somewhat deceiving because much of the increase came from non-recurring revenues such as capital gains taxes and tax settlements. "The final number looks better than it really is because so much of it is one time," Widmer said.
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