Last week, the Governor filed his budget proposal for Fiscal Year 2013. Today, MassBudget releases our Budget Monitor, which tracks the impact of the Governor's proposals on each major area of state government, from health care and education to public safety and the environment--including information on tax revenues.
With the Commonwealth facing a preliminary budget gap of approximately $1.3 billion, the Governor proposes balancing the budget with three strategies:
- Cuts and savings of about $550 million
- Modest tax reforms and other revenue initiatives that generate about $215 million in ongoing revenue
- The use of about $545 million in temporary revenues, mostly from the state stabilization fund (the "rainy day fund").
Our Budget Monitor shows the impact on every line-item in the budget, comparing proposed funding for FY 13 with recent funding history.
* Regular readers may note that we have redesigned the Budget Monitor. We are very interested in your feedback. Click here to send an email telling us what you like and what you think we might improve.
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