While the state's leaders have agreed on a plan to fill the huge revenue shortfall in 2002, even larger deficits in 2003 and beyond remain unaddressed. Almost $1.3 billion will be drawn from reserves in 2002, and another $134 million of "savings"...

After plummeting more than $1.8 billion in fiscal 2002, state tax revenues will remain flat in 2003 as gains from a projected mild recovery are offset by the impact of prior tax cuts, according to a forecast presented by MTF to members of the House...

While acknowledging that the Commonwealth faces a $2 billion fiscal shortfall in fiscal 2003, in attempting to close that gap the administration's budget proposal relies on overly optimistic revenue growth projections, excessive use of reserves, an...

In its annual analysis of state spending, the Taxpayers Foundation warns of a looming fiscal crisis, with the Commonwealth facing a budget shortfall between $1.7 and $2.1 billion in fiscal 2003. According to the report, the 2002 budget will also...

In this succinct analysis, the Foundation examines the impact of the Governor's vetoes and proposed supplemental funding requests on the fiscal 2002 budget approved by the Legislature. While the budget would rely less on "rainy day" reserves to...

Despite significant efforts to close a more than $1.35 billion budget gap in fiscal 2002, the state's financial leaders have failed to produce a balanced budget or to adequately address the multi-billion dollar financial problems that the state will...

Massachusetts will face escalating multi-billion dollar state budget deficits over the next several years unless state leaders make major spending reductions in the fiscal 2002 budget, according to a new analysis by the Massachusetts Taxpayers...

MTF warns that the state could face a $900 million revenue shortfall in 2002 if the trend of declining revenues in the first two months of the fiscal year continues. At the same time, not only is legislative approval of the fiscal 2002 budget...

MTF proposes tighter standards for using the Commonwealth's rainy day fund, ensuring that the fund is tapped only if deteriorating economic conditions cause a significant drop in state revenue growth.

Given the recent economic downturn, state tax revenue growth will slow markedly in fiscal 2001 and 2002, according to a forecast presented by MTF to members of the House and Senate Ways and Means Committees at their annual revenue hearing.