“We’re hoping this underlines a strong recovery, but that recovery remains uncertain”

From the Mass Municipal Association we share this:

"State budget writers today (Tuesday, Apr 14, 2020) held an economic roundtable with key experts to discuss the economic disruption and fiscal implications of the COVID-19 pandemic on the Commonwealth.

One of the panelists, the Massachusetts Taxpayers Foundation, projected that tax collections in fiscal 2021 will drop by $4.4 billion, or 14.1 percent below the benchmark that top budget officials agreed to back in January.

The report from the foundation states that sudden and massive layoffs are pushing the unemployment rate up to nearly 18 percent in the current quarter, with 570,000 jobs expected to be lost in just three months, including many in the leisure and hospitality sectors."

Continue reading the article online
https://www.mma.org/state-budget-writers-hear-dire-forecasts-during-economic-roundtable-with-key-experts/

• Link to the Legislature’s website for a recording of the hearing
• Mass. Taxpayers Foundation Revised FY21 Tax Revenue Forecast – COVID-19 Pandemic (1.3M PDF)

Rep. Michlewitz, Sen. Rodrigues and Administration and Finance Sec. Heffernan during a virtual budget hearing on April 14. (Photo: State House News Service)