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MassBudget Brief: Examining the Governor’s Plan to Close the Budget Gap
Table of Contents
- EXAMINING THE GOVERNOR'S PLAN TO CLOSE THE BUDGET GAP
Thursday, October 16, 2008
Table of Contents
- EXAMINING THE GOVERNOR'S PLAN TO CLOSE THE BUDGET GAP
Examining the Governor's Plan to close the Budget Gap
Projecting a budget gap of $1.421 billion, on October 15th, Governor Patrick announced a series of 9C cuts and other initiatives to close the gap.
This budget gap is primarily due to new projections indicating that the nation’s weakened economic condition will lead to tax revenue falling $1.1 billion below the levels anticipated when the budget was enacted. The remaining $321 million of the gap is caused by factors. There are a series of accounts in which spending is expected to exceed the amount appropriated. This can occur when economic conditions lead to increased need for safety net projections or when insufficient funding was appropriated initially. Finally, some non-tax revenues are projected to fall short of the amounts assumed in the budget.
This MassBudget Brief provides an overview of the governor’s plan to close the budget gap and describes what programs and services are being cut and by how much. While the spending reductions described below account for most of the Governor’s solutions to the budget gap, he also proposes a transfer of $200 million from the state’s Stabilization Fund, the use of $168 million in other revenues, such as payments the department of revenue is expected to receive from judgments and settlements, and saving $146 million by not providing additional funding for certain programs where costs are expected to exceed the amount appropriated.
Table of Contents
- EXAMINING THE GOVERNOR'S PLAN TO CLOSE THE BUDGET GAP
