The Legislature and the administration of Gov. Deval Patrick yesterday set the consensus revenue figure for FY12 at $20.525 billion. This revenue figure will now be the starting point for budget proposals that will come from the Governor, House and Senate.
The Governor's proposal, to be released later this month, will deal with a structural deficit of approximately $1.5 billion created largely by the absence of federal stimulus funds, limited state reserves, case load pressures and inflationary growth, particularly in health care related programs. As he indicated in his inaugural address, Gov. Patrick's proposed budget is expected to highlight investments in education, health care and in job creation, as well as to propose government reforms.Read the full post on the DOR website here
Nearly all future state and municipal employees would work five years longer, contribute more to their pensions, and have their benefits slashed if they retire early under a bill Governor Deval Patrick and legislative leaders unveiled yesterday.
Eighteen months after state leaders eliminated loopholes in the pension system, the new proposal would go beyond merely curbing abuses. It would, Patrick said, fundamentally change retirement benefits for thousands of future teachers, police officers, firefighters, and other public workers, in an attempt to save $5 billion over the next 30 years.Read the full post here on the Budget Blues website
Why should the State budget matter to Franklin?
Half, yes, you heard that correctly - half our school budget is funded by the State.