Fiscal 2013 tax revenues will grow by $822 million, or 3.9 percent, to $22 billion, less than half the rate of expansion in fiscal 2011, according to a new forecast released today by the Massachusetts Taxpayers Foundation.
“The small growth in tax revenues will put great strains on the fiscal 2013 budget with increases in nondiscretionary spending outpacing the additional revenues available,” Widmer said.
Fiscal 2012 tax revenues will grow by $923 million or 4.7 percent to reach a total of $20.56 billion, according to a new forecast released today by the Massachusetts Taxpayers Foundation. The Foundation projects tax collections of $19.63 billion in fiscal 2011, an increase of $554 million over the current consensus forecast, and approximately $1.1 billion or 5.9 percent over tax collections in 2010.
“Despite almost a billion dollars in revenue growth, the state faces a fiscal 2012 shortfall of approximately $2 billion with no federal stimulus dollars and limited state reserves,” Mr. Widmer said. “The 2012 budget will require yet another round of cuts in local aid, human services, higher education, and almost all other state programs.”
State tax revenues for fiscal 2011 will total $18.953 billion, a $674 million increase over the fiscal 2010 revised benchmark, according to a new forecast today by the Massachusetts Taxpayers Foundation.
MTF President Michael J. Widmer, who presented the forecast at the annual consensus revenue hearing, said, "Even with this revenue growth, the state faces an estimated $3 billion structural deficit in fiscal 2011."
State tax revenues likely to collapse an unprecedented $3.1 billion from fiscal 2008, according to a new revenue forecast released today by the Foundation.
Links:
[1] http://www.masstaxpayers.org/revenue
[2] http://www.masstaxpayers.org/publications/public_finance/revenue/20111212/mtf_forecast_weakening_jobs_picture_slows_revenue_growt
[3] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/2013 Revenue Forecast.pdf
[4] http://www.masstaxpayers.org/publications/public_finance/budget/fy_2012/20101214/mtf_forecast_revenue_growth_fy11_and_fy12_state_
[5] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/Revenue forecast.pdf
[6] http://www.masstaxpayers.org/publications/public_finance/revenue/20091216/mtf_forecast_limited_revenue_growth_fiscal_2011_large_s
[7] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/Revenue Forecast.pdf
[8] http://www.masstaxpayers.org/publications/public_finance/budget/fy_2010/20091009/mtf_forecast_fiscal_2010_revenues_600_million_be
[9] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/revenue forecast with header_oct_09.pdf
[10] http://www.masstaxpayers.org/publications/public_finance/budget/fy_2010/20090505/new_revenue_forecast
[11] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/revenue forecast.PDF
[12] http://www.masstaxpayers.org/publications/public_finance/budget/fy_2010/20081215/mtf_forecast_dramatic_drop_revenues_fiscal_2009_
[13] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/Economic forecast.pdf
[14] http://www.masstaxpayers.org/publications/public_finance/budget/fy_2009/20071201/mtf_revenue_forecast_reasonable_growth_2008_smal
[15] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/MTF Revenue Forcast 08 and 09 News Release.pdf
[16] http://www.masstaxpayers.org/publications/public_finance/budget/fy_2008/20070101/mtf_forecast_sharp_slowdown_growth_tax_revenues
[17] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/MTF Revenue Forecast 07 and 08 Bulletin.pdf
[18] http://www.masstaxpayers.org/publications/public_finance/budget/fy_pre2008/20051201/mtf_forecast_slowing_revenue_growth_2006_and_
[19] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/MTF Revenue Forecast 06 and 07 Bulletin.pdf
[20] http://www.masstaxpayers.org/publications/public_finance/revenue/20030101/mtf_forecast_revenue_shortfall_2003_weak_growth_2004
[21] http://www.masstaxpayers.org/sites/masstaxpayers.org/files/MTF Revenue Forecast 03 and 04 Bulletin.pdf
[22] http://www.masstaxpayers.org/publications/10?page=1
