Friday, September 18, 2020

Commonwealth Magazine: "Senate leader sees $5b revenue downturn"

From CommonWealth Magazine we share an article of interest for Franklin: 

"DESPITE SIGNS that the state’s finances have not completely cratered during the pandemic, the Senate’s top budget official said this week he anticipates tax collections in fiscal 2021 to be down $5 billion from last year, and said lawmakers will need to dip “deeply” into the state’s $3.5 billion “rainy day” fund unless new federal aid arrives from Washington.

The state’s uncertain financial picture could start to come into clearer focus in the coming weeks as House and Senate leaders, as well as Gov. Charlie Baker’s administration, prepare to outline a plan to introduce and pass a long-term budget that would carry the state through July of next year.

Senate Ways and Means Committee Chairman Michael Rodrigues told business leaders that “some major announcements” would be made in the next couple weeks about how Beacon Hill leadership wants to proceed with a fiscal 2021 budget, as well as how to close the books on the fiscal year that ended June 30.

“It’s going to be a tough year, but we’ll get through this,” Rodrigues said."

There is an effect to Franklin with this news. Check out the Town Budget page to keep informed


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