MASSBudget: A Preview of the State's FY 2015 Budget
Massachusetts Budget and Policy Center
FY 2015 Budget Preview
On January 22nd, the Governor is expected to submit his budget proposal--his plans for what we should do together through state government in Fiscal Year 2015. This includes how we fund our schools, maintain our roads and transit systems, keep our communities safe, and balance our budget.
Once again in FY 2015, Massachusetts will face a substantial gap between ongoing revenue and the cost of maintaining current services and commitments. Our "Budget Preview" estimates that gap to be roughly $500 million.
There are three basic reasons that Massachusetts continues to confront difficult fiscal challenges:
The income tax cuts of 1998-2002, which still cost the state over $3 billion per year
Health Care cost growth, which has slowed in recent years but which had been growing faster than our state economy
The still-sluggish economy here in Massachusetts and across the U.S.
Our "Budget Preview" provides an estimate of revenue growth for FY 2015, along with the cost of maintaining current services and the fiscal challenges moving forward.
The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.