In The News: Budget

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$187 million supplemental budget heads to the Governor

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Oct 4 2016

By Tiffany Chan and David McKay, 22WWLP

State budget writers are also dealing with an estimated $111 million spending gap. Eileen McAnneny, President of the Massachusetts Taxpayers Foundation, told 22News that the proposal also includes $91 million to help close that budget deficit. “We’ve seen revenues coming in below projections,” she said, “and what they’ve done to close out fiscal year ’16 does have impacts on the currently fiscal year.”
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Mass. shortfalls may force new taxes, budget cuts

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Oct 2 2016

By Bob Salsberg, AP / Lawrence Eagle Tribune

The Massachusetts Taxpayers Foundation, a nonpartisan fiscal watchdog group, has recommended that revenue estimates be adjusted downward even if September collections are close to being on target.
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State budget cuts loom in face of $575M deficit

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Sep 27 2016

By Christian Wade, Lawrence Eagle Tribune

"The magnitude of this shortfall is unprecedented," said Doug Howgate, the foundation's director of policy and research. "Not since the height of the Great Recession have collections over a five-month period slumped by so much, and never in the midst of an economic recovery."
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Legislature needs to close $575M budget gap

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Sep 26 2016

State House News Service / WBJournal

The Massachusetts Taxpayers Foundation this week estimated the final fiscal 2016 budget gap at $575 million, writing in a new bulletin, "The books have yet to be closed on fiscal year 2016 and so neither the final budget gap, nor the mix of solutions to address it are known." MTF identified trust fund sweeps and other efforts to grab one-time revenues as among the likely budget fixes.
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The Codcast: State economy hot, but not tax revenues

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Sep 23 2016

CommonWealth Magazine

What’s going on? We explore that issue with Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, and Alan Clayton-Matthews, an associate professor at Northeastern University. Both of them conduct state revenue forecasts and work with state officials to develop a consensus forecast.
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Baker: September revenue performance holds key to mid-year budget adjustments

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Sep 12 2016

By Katie Lannan, State House News Service / WWLP

Lawmakers voted to override $231.6 million of Baker’s vetoes, leaving what the Massachusetts Taxpayers Foundation pegged as an early $240 million gap in the budget.
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State officials: August tax collections fall $42M under benchmark

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Sep 6 2016

By Matt Murphy, State House News Service / The Berkshire Eagle

On July 8, Baker issued $264 million in line item vetoes and signed a $38.92 billion fiscal 2017 budget that he said solved for the declining revenue projections, but the Legislature restored $231.6 million in spending through veto overrides votes, leaving what the Massachusetts Taxpayers Foundation pegged as an early $240 million gap in the budget.
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State revenue growth is slower than expected

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Sep 6 2016

By Joshua Miller, The Boston Globe

“These August numbers now reflect five consecutive months of softening revenue, indicating more of problematic trend than an aberration,” said Eileen McAnneny, president of the business-backed Massachusetts Taxpayers Foundation. She emphasized that many states are struggling with similar trends. And she said the newly released data underscore the fact that economic health is not the same as fiscal health. McAnneny said they call into question “whether this revenue slowdown, despite the healthy job-creation numbers, could be symptomatic of a broader economic slowdown.
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Mass. budget gap has no easy fixes

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Aug 24 2016

By Josh Miller, The Boston Globe

And policy makers have, budget after budget, used quick fixes instead of making tough choices. They’ve diverted and drained billions meant for the state’s emergency savings account. They’ve put off until next year bills that were meant to be paid this year. They’ve used money meant for pensions and retiree health care to plug short-term budget holes. And they’ve repeatedly made unrealistically optimistic projections that allow them to balance budgets at the cost of burdening future lawmakers. “Now, we’re running out of gimmicks,” said Eileen McAnneny, president of the business-backed Massachusetts Taxpayers Foundation.
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Final state budget shaved by almost $630 million from earlier projections

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Aug 17 2016

By Colin A. Young, State House News Service / Sentinel & Enterprise

On July 8, Baker issued $264 million in line item vetoes and signed a $38.92 billion fiscal 2017 budget that he said solved for the declining revenue projections, but the Legislature restored $231.6 million in spending through veto override votes leaving what the Massachusetts Taxpayers Foundation pegged as an early $240 million gap in the budget.
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