Week Ending April 1, 2011
Supplemental budget bill sent to Governor
On Thursday the House and Senate passed a $325 million mid-year spending bill, which has been sent to the Governor for his signature. The bill includes $50 million for snow and ice removal, $30 million for Trial Court employee collective bargaining, $6 million for youth summer jobs and $100 in additions to the state’s “rainy-day” fund which is contingent on tax collections. With more than $750 million in supplemental spending bills approved in FY2011, the current supplemental budget bill would bring the total to over $1 billion in supplemental spending for the fiscal year.
Fidelity and Evergreen Executives Appear before Senate Committee
The Senate Post Audit and Oversight Committee held a hearing this week on targeted tax breaks that were granted to Fidelity Investments and Evergreen Solar, two companies that recently announced significant movement of jobs out of the Commonwealth. Fidelity announced two weeks ago, while the Governor was overseas on a trade mission, that it would move 1,200 jobs from Massachusetts to existing facilities in New Hampshire and Rhode Island. Evergreen Solar has received $21 million in tax breaks but recently announced its intention to close its facility in Massachusetts and layoff most of its Massachusetts employees and move production to China. The Chairman of the committee, Senator Mark Montigny (D-New Bedford), made clear his opposition to tax breaks for favored industries and said that he hopes the current budget crunch will help bring an end to the tax incentives.
Home Sales down in February
The Warren Group released a report this week showing a dramatic decrease in single family home and condo sales last month (1,746). February had the lowest home sales volume of any month in the last 24 years and also saw the eighth straight drop for home sales in the last twelve months. Tim Warren, CEO of the Warren Group, attributes the large drop in sales to the winter weather that kept home shopping to a minimum. Last month the median sale price for a single family home was lower than one year prior: $255,000, down from $270,000 in February, 2010.
Retreat for House Leadership
Despite an April 1st snow storm that hit Massachusetts, a retreat for House leadership, including all committee chairs and vice-chairs, is taking place today at the University of Massachusetts at Amherst. Last week House Speaker Robert DeLeo (D – Winthrop) announced that the retreat at UMass Amherst would include presentations on the economic outlook in Massachusetts and committee work management. On the House’s agenda for this legislative session are issues such as the FY2012 budget, health care payment reform, municipal health care reform, pension reform and changes to the state’s parole system. The House is expected to take up the budget at the end of April.
John Nunnari, Assoc AIA
Executive Director, AIA MA
jnunnari@architects.org
617-951-1433 x263
617-951-0845 (fax)
MA Chapter of American Institute of Architects
The Architects Building
52 Broad Street, Boston MA 02109-4301
www.architects.org
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