Wednesday, December 6, 2023

Via CommonWealth Beacon: State budget for FY 2023 completed (finally); Revenues down for November and YTD

"Mass. tax revenues take dive in November" 

"MASSACHUSETTS TAX REVENUES took a dive during November and are running 4.3 percent below forecasted levels through the first five months of the fiscal year, reinforcing concerns that state government needs to slow its pace of spending.

The Department of Revenue reported on Tuesday that tax collections in November totaled $2.25 billion, nearly 11 percent below the state forecast and 5.5 percent less than last year. Through the first five months of the fiscal year, revenues are running $627 million below the forecast used to draft this year’s budget and 1 percent more than the same period last year.

Adding to concerns, the state’s tax revenues in November were not affected by the passage of a major tax cut in October. That tax cut should start having an impact on state tax revenues starting in December or January, officials said."

Continue reading the article -> 

"Dems return to Beacon Hill in force, pass stalled spending bill"

"Instead of using parliamentary rules to block or delay action on the bill, as Republicans in the House did, the Senate Republicans struck a deal with Democratic leaders. In return for the Republicans agreeing not to delay action on the bill, the Senate Democrats supported a Republican motion to suspend the Legislature’s joint rules so the bill could be taken up in a formal session and be debated. The motion wasn’t embraced by the House, so it didn’t go anywhere, but it was a moral victory for the Senate Republicans and it allowed the bill to move quickly to enactment, which is what the Democrats wanted. 
Senate President Karen Spilka called it a “win-win for everybody.” 
The end result was the long overdue spending bill was sent to Gov. Maura Healey, who signed it immediately. All the parliamentary maneuvering didn’t change anything, but it captivated Beacon Hill for nearly a week in the middle of a holiday recess. The drawn-out process was mostly about optics and placing blame for delays that held up raises for public sector unions, disaster relief, and funding for the stretched-thin emergency shelter program."

The H4204 legislative details can be found online ->

The golden dome of the State House. (Photo by Andy Metzger)
The golden dome of the State House. (Photo by Andy Metzger)

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