To calculate several other expected revenues, the town is anticipating a 14.1 percent drop from previous predictions. This thinking, Mayo said, was influenced by the Massachusetts Taxpayers Foundation, which is predicting the state will see a 14.1 percent reduction in state revenue in Massachusetts…

McAnneny, of the business-backed taxpayers foundation, says the CARES Act is "insufficient to mitigate the economic impacts of the pandemic." In her testimony earlier this month, McAnneny highlighted the role that federal funds can play by pointing the $7.4 billion in American Recovery and…

According to the Massachusetts Taxpayers Foundation, "We can anticipate a $4.4 billion loss of revenue in the state next year," Holaday said, adding that it's the "best-case scenario if we are able to open the state and businesses by early July."  

MTF has released the 49th Edition of the Municipal Financial Data pamphlet, an annual publication that summarizes key financial issues for the 351 cities and towns in Massachusetts for fiscal 2019 including an overview of major revenue and spending trends, tax rates, debt characteristics, and other…

The virtual meeting began Thursday with presentations from Massachusetts Budget and Policy Center President Marie-Frances Rivera and Massachusetts Taxpayers Foundation President Eileen McAnneny, each of whom detailed the forecasts they provided earlier this week at a hearing designed to help state…

The Massachusetts Taxpayers Foundation projected a revenue decline of $4 billion for the state's fiscal year 2021 budget. A Senate working group that had been studying tax code changes indicated it will struggle to make recommendations while the pandemic is ongoing.   https://www.nepr.net/…

MTF’s new analysis highlights the implications of our revised forecast on the MBTA, the Massachusetts School Building Authority (MSBA), and other purposes supported by dedicated tax revenue. We estimate that compared to the original consensus estimate, the MBTA will receive $53 million less in…

Massachusetts budget watchers are predicting a steep drop in revenue in the face of the coronavirus economic shutdown. Democratic House Ways and Means Chairman Aaron Michlewitz said the House typically holds its budget debate in April, a timeline he said is no longer feasible. Massachusetts…

MTF has revised its FY 2021 tax revenue forecast to include the impact of the COVID-19 pandemic. We project a decline of $4.4 billion or 14.1% from the January 2020 benchmark. The forecast assumes new virus cases peak in April, abate in June, and economic re-engagement can begin in early July.…

The Massachusetts Taxpayers Foundation estimated sales tax revenues will drop $1.5 billion due to closures in public life and loss of personal income as a result of widespread layoffs and furloughs.